Summary
L3Harris Technologies, Inc. (LHX) announced the successful completion of its acquisition of Aerojet Rocketdyne Holdings, Inc. on July 28, 2023. The merger was executed through a wholly-owned subsidiary, Aquila Merger Sub Inc., which merged with Aerojet Rocketdyne, making it a wholly-owned subsidiary of L3Harris. This strategic move is expected to enhance L3Harris's position in the aerospace and defense sector. Under the terms of the merger agreement, Aerojet Rocketdyne's common stockholders will receive $58.00 in cash for each share of common stock they hold. All outstanding Aerojet Rocketdyne stock appreciation rights, restricted stock awards, and restricted stock units have also vested and been converted into cash payments based on the merger consideration, with certain exceptions for RSUs granted after December 17, 2022. Investors should note that this is a cash-and-carry transaction, impacting L3Harris's cash position and potentially its leverage.
Key Highlights
- 1Completion of the acquisition of Aerojet Rocketdyne Holdings, Inc. by L3Harris Technologies, Inc.
- 2Aerojet Rocketdyne is now a wholly-owned subsidiary of L3Harris.
- 3Each Aerojet Rocketdyne common share converted into $58.00 in cash.
- 4All outstanding Aerojet Rocketdyne stock appreciation rights, restricted stock, and RSUs have vested and converted into cash payments.
- 5The transaction was funded with cash, impacting L3Harris's liquidity.
- 6The filing serves as notification of the merger's completion and includes a press release detailing the event.