Harris (NYSE: HRS) and L3 Technologies (NYSE: LLL) set June 29, Saturday, as the closing date for their all-stock merger deal after they secured the regulatory clearances needed to complete the transaction.
The combined company will operate as L3Harris Technologies and use the ticker symbol “LHX” once it starts trading on the New York Stock Exchange, the firms said in a joint statement published Friday.
“Today’s announcement positions us to close the merger and establish L3Harris as an agile aerospace and defense technology innovator that delivers value for all of our stakeholders,” said Christopher Kubasik, L3 chairman, president and CEO and a 2019 Wash100 winner.
The proposed merger received the Department of Justice’s antitrust approval, which comes with a proposed settlement that orders the divestiture to a U.S. approved-buyer of Harris' night vision business. Harris entered into an agreement with Elbit Systems of America (Nasdaq: ESLT) in April to sell the business for approximately $350M.