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  • Wednesday, April 24, 2024

CAE, Renk Complete Separate Deals for L3Harris’ Military Training, Combat Propulsion Tech Units

CAE (NYSE: CAE) has closed its $1.05 billion acquisition of the military training business from L3Harris Technologies (NYSE: LHX) while Renk AG completed its $400 million cash purchase of L3Harris’ combat propulsion systems unit and related assets.

The two deals were first announced in March and completed Friday, three days after Christopher Kubasik succeeded William Brown as CEO of the Melbourne, Florida-based company.

The divested businesses have combined annual revenue of $755 million and L3Harris said it will use proceeds from the transactions to repurchase shares.

Morgan Stanley & Co. provided financial advisory services for the military training business divestiture and Sullivan & Cromwell advised on the deal’s legal matters.

Moelis & Co. and Simpson Thacher & Bartlett provided financial and legal advisory, respectively, for the combat propulsion unit sale.

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