Melbourne-based Harris Corp. has received the required regulatory approval for its blockbuster merger with New York-based L3 Technologies Inc., the companies announced Friday.
As a result, the high-technology and defense companies have set June 29 as the closing date for their planned “merger of equals,” which was announced in October.
The combined company — which will have about $16.4 billion in annual sales — will be based in Melbourne. The two companies have a combined stock market value of about $44 billion.
Harris is one of the Space Coast’s largest employers, with about 6,800 employees in Brevard County and 17,500 worldwide.
L3 has about 100 employees in Brevard County and 31,000 worldwide.
The merger could bring more jobs to Brevard County, although the companies have not announced their plans for employment shifts.
As a requirement of receiving regulatory approval, Harris is divesting its night vision business. That divestiture is expected to be completed following the merger, in line with Harris’ previously announced sale agreement with Elbit Systems Ltd., in a $350 million cash deal.
Melbourne-based Harris Corp. has received the required regulatory approval for its blockbuster merger with New York-based L3 Technologies Inc., the companies announced Friday.
As a result, the high-technology and defense companies have set June 29 as the closing date for their planned “merger of equals,” which was announced in October.
The combined company — which will have about $16.4 billion in annual sales — will be based in Melbourne. The two companies have a combined stock market value of about $44 billion.
Harris is one of the Space Coast’s largest employers, with about 6,800 employees in Brevard County and 17,500 worldwide.
L3 has about 100 employees in Brevard County and 31,000 worldwide.
The merger could bring more jobs to Brevard County, although the companies have not announced their plans for employment shifts.
As a requirement of receiving regulatory approval, Harris is divesting its night vision business. That divestiture is expected to be completed following the merger, in line with Harris’ previously announced sale agreement with Elbit Systems Ltd., in a $350 million cash deal.
