Harris Corporation and L3 Technologies, Inc. have agreed to combine in an all stock merger of equals to create a global defence technology leader, focused on developing differentiated and mission critical solutions for customers around the world. Upon completion of the merger, Harris shareholders will own approximately 54% and L3 shareholders will own approximately 46% of the combined company on a fully diluted basis.
The combined company, L3 Harris Technologies, Inc., will be the sixth largest defence company in the U.S. and a top 10 defence company globally, with approximately 48,000 employees and customers in over 100 countries. For calendar year 2018, the combined company is expected to generate net revenue of approximately $16 billion, EBIT of $2.4 billion and free cash flow of $1.9 billion.