L3Harris to sell its commercial aviation solutions business for $800 mln

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The L3Harris logo is seen on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US, July 1, 2019. REUTERS/Brendan McDermid/File Photo Get license rights

November 27 (Reuters) – L3Harris Technologies (LHX.N) The defense company said Monday it is selling its commercial aviation solutions business to private equity firm TJC LP for $800 million.

The deal includes a cash purchase price of $700 million and $100 million in proceeds, subject to certain financial performance goals being met between this year and 2024.

L3Harris’ commercial aviation solutions business provides pilot training, flight data analytics, avionics and advanced air mobility products and services and has approximately 1,450 employees.

“In line with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our time to reach our debt leverage goal,” L3Harris said in a statement.

Morgan Stanley and Moelis & Co. were financial advisors to L3Harris, while JP Morgan Securities LLC advised TJC LP.

The transaction is expected to close in the first half of 2024.

Reporting by Pratyush Thakur in Bengaluru; Editing by Saumyadeb Chakrabarty

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