Author: Jane Edwards|| Date Published: October 5, 2016
Harris Corp. (NYSE: HRS) has put some parts of its critical networks division up for sale in a transaction that could be worth more than $1 billion, Reuters reported Tuesday.
Mike Stone and Michael Flaherty write the potential divestiture includes Harris™ information technology services operation and comes a month after the Melbourne, Florida-based communications technology maker named two mutually agreed independent directors to the board of directors as part of a cooperation agreement signed with New York City-based activist hedge fund Jana Partners in August.
Stone and Flaherty also report the Harris CapRock business that offers communications services to the energy sector could also be divested in a separate deal that could be worth at least $500 million.
A potential sale of CapRock would help the parent company reduce its debt and keep its energy sector exposure low.
Shares in Harris closed down 24 cents to $91.26 Tuesday and have climbed 7.21 percent since the agreement with Barry Rosenstein’s Jana fund was announced Aug. 2.
The Defense Information Systems Agency’s Defense Information Technology Contracting Organization has awarded Modern Technology Solutions Inc. a potential $416 million contract,…
Harris Corp. (NYSE: HRS) has put some parts of its critical networks division up for sale in a transaction that could be worth more than $1 billion, Reuters reported Tuesday.
