8-KRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Regulation FD Disclosure (Apr 8, 2019)

Filed April 8, 2019For Securities:LHX

Summary

L3Harris Technologies, Inc. (LHX) has filed an 8-K detailing the sale of Harris Corporation's Night Vision business to Elbit Systems of America, LLC for $350 million in cash. This divestiture is a strategic move that is contingent upon the successful completion of the previously announced merger between Harris Corporation and L3 Technologies, Inc. The proceeds from this sale are earmarked for pre-funding the merged entity's pension obligations and returning capital to shareholders, signaling a focus on financial optimization post-merger. Investors should note that this transaction underscores the company's strategy to streamline operations and enhance shareholder value. The divestiture of the Night Vision business, while generating significant cash, also indicates a potential shift in the combined entity's strategic focus. The successful closure of both the merger and the divestiture is key to realizing these planned financial benefits.

Key Highlights

  • 1Harris Corporation to sell its Night Vision business to Elbit Systems of America, LLC for $350 million in cash.
  • 2The sale is contingent upon the completion of the merger between Harris Corporation and L3 Technologies, Inc.
  • 3Proceeds from the sale will be used to pre-fund the L3 Harris pension plan.
  • 4A portion of the proceeds is intended to be returned to shareholders.
  • 5The transaction is subject to customary closing conditions, including regulatory approvals.

Frequently Asked Questions

This 8-K filing announces the definitive agreement for Harris Corporation to sell its Night Vision business to Elbit Systems of America, LLC for $350 million in cash. It also clarifies that this sale is dependent on the successful completion of the merger between Harris and L3 Technologies.

The proceeds are designated for two main purposes: pre-funding the pension obligations of the combined L3 Harris Technologies entity and returning cash to shareholders.

The sale is subject to two primary conditions: the completion of the merger between Harris Corporation and L3 Technologies, Inc., and the satisfaction of customary closing conditions, which include obtaining necessary regulatory approvals.

Yes, the sale of the Night Vision business is explicitly conditioned on the completion of the merger between L3 Technologies and Harris Corporation. This implies that the merger must close before the divestiture can be finalized.