L3Harris, a company that provides advanced defense and commercial technologies across air, land, sea, space and cyber domains, has signed an agreement to sell its Military Training and Combat Propulsion Systems businesses for a total of $1.45 billion.
CAE has agreed to purchase L3Harris’ Military Training business, and RENK AG agreed to acquire its Combat Propulsion Systems business. These agreements will place the particular divisions with well-suited buyers, to help L3Harris further focus on core technologies and strategic priorities.
For this transaction, the financial advisor to L3Harris will be Morgan Stanley, and the legal counsel on the military training transaction will be Sullivan & Cromwell. In addition, Moelis & Company LLC is serving as financial advisor and Simpson Thacher & Bartlett LLP as legal counsel for the Combat Propulsion Systems and related businesses transaction.