MELBOURNE, Fla., Nov. 27, 2023 - L3Harris Technologies (NYSE: LHX) today announced the signing of a definitive agreement under which an affiliate of TJC L.P. will acquire L3Harris' Commercial Aviation Solutions (CAS) business for $800 million. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals.
Today's announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio, said Christopher E. Kubasik, Chair and CEO, L3Harris. Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective.
The CAS transaction includes the sale of L3Harris' surveillance joint venture and is subject to a right of first refusal; if exercised, an affiliate of TJC L.P. will acquire the rest of CAS.
L3Harris' CAS business employs approximately 1,450 people and offers pilot training, flight data analytics, avionics, and advanced air mobility products and services, among other capabilities.
Morgan Stanley & Co. LLC and Moelis & Company are serving as financial advisors to L3Harris, and Sullivan & Cromwell LLP is serving as legal advisor. J.P. Morgan Securities LLC is acting as financial advisor, and Kirkland & Ellis LLP is serving as legal counsel for TJC L.P.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our nearly 50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.
About TJC
TJC L.P. (formerly known as The Jordan Company), founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion and has a 41-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago and Stamford. For more information, visit www.tjclp.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. L3Harris cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Important risk factors that could cause actual results or outcomes to differ from those expressed in the forward-looking statements are described in the Risk Factors sections of L3Harris' Annual Report on Form 10-K for the year ended December 30, 2022, and subsequent quarterly reports on Form 10-Q. In addition, the following factors, among others, could cause actual results to differ materially from the forward-looking statements or historical performance: the potential impact on the announcement or consummation of the transaction on relationships, delays in, or failures in respect of, anticipated satisfaction of closing conditions, unexpected costs, liabilities or delays, legal proceedings or the ability to obtain regulatory approvals, the satisfaction of other closing conditions in a timely manner or at all, or failure to achieve the earnout. Statements about business acquisitions, benefits, timing, use of proceeds and future plans, are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
# # #
North America Stories
08/05/2025
A sinister fairy infiltrates a desperate family in Kenneth Dagatan's In My Mother's Skin, which premiered at the 2023 Sundance Film Festival. Photo co...
08/05/2025
For skyward-bound operators, training focuses on the unique aspects of flying ISR missions, including the management of onboard surveillance equipment and the e...
08/05/2025
The cable industry has told the Federal Communications Commission it supports the National Association of Broadcasters' proposal to allow broadcasters to us...
08/05/2025
WASHINGTON The Consumer Technology Association has continued its opposition to mandates requiring that NextGen TV/ATSC 3.0 tuners be included in new TV sets, sa...
08/05/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real time visualization, has named Paul Maroni as Vice Pres...
08/05/2025
This year's UK Pavilion in hall 5, once again managed by Tradefair, will provide visitors with the unique opportunity to discuss and be involved in cutting ...
08/05/2025
Rohde & Schwarz will showcase its latest energy-efficient transmitters and 5G Broadcast technologies, designed to support network operators and content provider...
08/05/2025
IRVING, Texas Nexstar Media Group has tapped Bill Nardi as vice president of station operations, responsible for overseeing the day-to-day broadcast operations ...
08/05/2025
SEATTLE LumaTouch is partnering with CNN Academy to improve mobile storytelling techniques and support training across all of CNN Academy's training simulat...
08/05/2025
WASHINGTON The Society of Broadcast Engineers has filed comments with the Federal Communications Commission that support a proposal by the National Association ...
08/05/2025
Senior adviser to the United States Agency for Global Media Kari Lake has announced that One America News Network (OAN) will provide newsfeed services for fre...
08/05/2025
EdMon Expands as AI-Driven Post Production Workflows Gains Traction in Sweden an...
08/05/2025
Using Luma Mattes in Adobe Premiere Pro
Graham Quince May 7, 2025
0 Comments
This very quick tutorial shows you how to take an RGB clip and apply its ...
08/05/2025
OpenDrives Unveils Free Your Data' Initiative with New Astraeus Cloud-Nativ...
08/05/2025
Student Spotlight: Grigori Balasanyan The Armenian composer, who was named Boston Conservatory at Berklees 2025 student commencement speaker, talks about his ...
08/05/2025
May 8th, 2025 Press Materials Available Here
Tribeca Festival 2025 Unveils New Premieres Spanning Film and Music
Slick Rick's Victory with Idris Elba a...
08/05/2025
May 8th, 2025 Press Materials Available Here
Tribeca Festival 2025 Announces Lineup for Inaugural Storytelling Summit
11-Day Industry Event Launches with Tal...
08/05/2025
SVG Sit-Down: Vizrt's Nicholas Jameson on AI in Workflows, Pushing Boundarie...
08/05/2025
Creating Alternative Brand Experiences: Live Sports in the Age of Fortnite, Meta...
08/05/2025
PGA TOUR's David Piccolo: Advanced Graphics and Virtual Production Tools are...
08/05/2025
Tech Focus: Advancing Immersion in Sports Broadcasting with AR and Virtual Produ...
08/05/2025
Back to All News
Now in Production: Comedy Action Film Husbands in Action'...
08/05/2025
Artificial intelligence is helping identify and treat diseases faster with better results for humankind. Natural disasters like wildfires are next.
Fires in th...
08/05/2025
Calling all wiseguys - 2K's acclaimed Mafia franchise is available to stream...
08/05/2025
As AI use cases continue to expand - from document summarization to custom software agents - developers and enthusiasts are seeking faster, more flexible ways t...
07/05/2025
Warsaw, Poland - April 28, 2025 - Nielsen, a global leader in audience measurement, data and analytics, has released its latest March All Screens Video Landscap...
07/05/2025
LONDON Movie fans hoping to save money by waiting until their favorite new films appear on streaming services will have to wait a bit longer now, according to a...
07/05/2025
MECCA, Saudi Arabia Saudi Broadcasting Authority (SBA) has selected Grass Valley to provide a major technology upgrade of its broadcast facility here....
07/05/2025
Sony and Nevion provide guidance on IP network architecture options for live pro...
07/05/2025
Media Pioneer Publishing AG Expands Editorial Capacity
Brie Clayton May 7, 2025
0 Comments
Pioneer 2 boat production environment powered by Blackmagic...
07/05/2025
LONDON Movie fans hoping to save money by waiting until their favorite new films appear on streaming services will have to wait a bit longer now, according to a...
07/05/2025
WASHINGTON The Federal Communications Commission's Media Bureau is seeking public comment on a Petition for Rulemaking from HC2 Broadcasting Holdings asking...
07/05/2025
WASHINGTON Following a decision by U.S. Department of Education to terminate its 2020-2025 Ready To Learn to the Corporation for Public Broadcasting, CPB has in...
07/05/2025
NEW YORK Fox's ad-supported streaming Tubi made a series of product and partnership announcements during IAB NewFronts in New York, including the launch of ...
07/05/2025
MOUNTAIN VIEW, Calif. Google Fiber (GFiber) has announced a redesigned app that the company said will simplify how customers set up service, manage devices, and...
07/05/2025
WASHINGTON NASAs on-demand streaming service, NASA+, has launched a FAST (Free Ad-Supported Television) channel on Prime Video....
07/05/2025
NEW YORK The WNET Group, parent company of the PBS station Thirteen, has announced the appointment of Randall T. Decker to senior director, technology, effectiv...
07/05/2025
Atomos announced an executive leadership transition as the Company continues to evolve and expand its strategic focus.
Peter Barber, currently serving as Chie...
07/05/2025
Steve Wagner, Jerry Holway and Robert Orf at the 2024 Scientific and Technical Awards at the Academy Museum of Motion Pictures on Tuesday, April 29, 2025.
The ...
07/05/2025
nxtedition, the Swedish company behind the leading integrated platform for news and program production, and TASCAM, the iconic Japanese manufacturer of professi...
07/05/2025
Signiant is bringing its Camera-Raw-to-Any-Cloud workflow to the UK for the first time at the Media Production & Technology Show 2025 (Booth# M69) with a live d...
07/05/2025
MNC Software Inc., a global leader in software and network solutions tailored to the broadcast and media industry, has appointed Gencom Technology as an officia...
07/05/2025
Rise AV, the award-winning advocacy group championing gender diversity and professional development in the AV sector, is proud to announce 31 mentor-mentee pair...
07/05/2025
Test & measurement innovator, Leader Electronics of Europe, is to bring a selection of its leading products for IP, SDI and hybrid workflow requirements to this...
07/05/2025
The Global Media and Entertainment Talent Manifesto announces that the World Skills Caf will return at IBC2025 with an expanded skills and diversity programme,...
07/05/2025
Moments Lab, a leader in AI video discovery, and LucidLink, the pioneer in real-time cloud collaboration, are proud to announce the integration of Moments Lab&#...
07/05/2025
Obvious C Broadcasts Skiing World Cup with Blackmagic Design
Brie Clayton May 6, 2025
0 Comments
Blackmagic Design cameras capture cinematic sports pr...
07/05/2025
Larry Jordan Interviews Signiant's Jon Finegold at NAB 2025
Brie Clayton May 6, 2025
0 Comments
Jon Finegold, Chief Marketing Officer at Signiant,...
07/05/2025
A new supercomputer offered by Cadence, a leading provider of technology for ele...
MELBOURNE, Fla., Nov. 27, 2023 - L3Harris Technologies (NYSE: LHX) today announced the signing of a definitive agreement under which an affiliate of TJC L.P. will acquire L3Harris' Commercial Aviation Solutions (CAS) business for $800 million. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals. 
