Harris Corporation (NYSE:HRS) and L3 Technologies (NYSE:LLL) have now received the necessary regulatory approvals for their all-stock merger and have set a closing date of June 29, 2019.
Upon closing, Harris will be renamed L3Harris Technologies, Inc., and shares of L3Harris common stock will trade on the NYSE under ticker symbol “LHX.” L3 shares will cease trading upon market close on June 28 and convert into 1.3 L3Harris shares for each L3 share.
The regulatory process requires the divestiture of Harris’ Night Vision business, which is expected to be completed following the merger, pursuant to Harris’ previously announced sale agreement with Elbit Systems Ltd.
William M. Brown, Chairman, CEO and President of Harris, stated that receiving these approvals marks the successful completion of a thorough regulatory review process — clearing the way for one of the largest mergers in defense industry history.
Christopher E. Kubasik, Chairman, CEO and President of L3, added that this announcement positions the company to close the merger and establish L3Harris as an agile aerospace and defense technology innovator that delivers value for all of the firm's stakeholders.