Elbit to Acquire Harris Night Vision Business
7 April, 2019
Elbit will pay $350 Million. The transaction is conditioned on completion of Harris' proposed merger with L3 Technologies
Elbit Systems of America (Elbit Systems’ subsidiary) has signed a definitive agreement with Harris Corporation for the acquisition of Harris’ Night Vision business (“Harris Night Vision”) for a purchase price of $350 million. The transaction is conditioned on completion of Harris’ proposed merger with L3 Technologies and regulatory approvals. Headquartered in Roanoke, Virginia, Harris Night Vision develops, produces and supply night vision technology for the U.S. and allied military and security forces.
Bezhalel Machlis, Elbit Systems President & CEO, said the acquisition “is significant to our long-term growth strategy, with a particular focus on the U.S.” Elbit Systems of America headquartered in Delaware. With its subsidiaries, it have operational facilities in Fort Worth, Texas, San Antonio, Texas, Merrimack, New Hampshire, Talladega, Alabama and Boca Raton, Florida. Elbit Systems of America also has a 50% interest in a joint venture with Collins Aerospace, which is engaged in the area of helmet mounted display systems for fixed-wing military and para-military aircraft.
On October, 2018 Harris Corporation and L3 Technologies have agreed to combine in an all stock merger of equals to create a global defense technology leader. Upon completion of the merger, Harris shareholders will own approximately 54% and L3 shareholders will own approximately 46% of the combined company. The combined company, L3 Harris Technologies, will be the 6th largest defense company in the U.S, with approximately 48,000 employees. For the financial year 2018, the combined company is expected to generate net revenue of approximately $16 billion.
The merger is expected to be completed in 2019.