Harris, L3 Get DOJ Antitrust Clearance for Proposed Merger

The Department of Justice has given L3 Technologies (NYSE: LLL) and Harris (NYSE: HRS) an antitrust approval to advance their merger through an all-stock transaction, Reuters reported Friday.

Harris and L3 agreed on all-stock merger in October to form a global defense technology firm that will operate as L3 Harris Technologies and expect to close the deal by mid-calendar year 2019.

The clearance comes with a proposed settlement that directs both companies to divest to a U.S. approved-buyer Harris’ night vision business to maintain competition for image intensifier tube components used in weapon sights, goggles and other night vision devices, according to a DOJ notice published Thursday.

“Today’s settlement will ensure that our armed forces continue to benefit from competition for a mission critical component that soldiers operating in low-light environments rely on every day,” said Makan Delrahim, assistant attorney general at DOJ’s antitrust division.

Elbit Systems of America (Nasdaq: ESLT) signed an agreement in April to acquire Harris’ night vision business for approximately $350M.

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