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.
# # #
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
12/06/2026
YES Network and The Gotham Sports App will air seven Athletes Unlimited Softball...
12/06/2026
The United Football League will host its FAST Innovation Suite at the 2026 United Bowl presented by Credit One Bank on Saturday, June 13 at 3:00 p.m. ET at Audi...
12/06/2026
PTZOptics and LayerJot will present live demonstrations at InfoComm 2026 showing how natural-language AI prompting, robotic camera control, and on-device comput...
12/06/2026
MultiDyne Video and Fiber Optic Systems will exhibit at InfoComm 2026, featuring...
12/06/2026
Ateme has announced that Eurovision Services is using Ateme's software-based frame-rate conversion technology for international live event workflows. The de...
12/06/2026
Bitmovin and Simplestream have announced a partnership with Xperi to simplify the launch of OTT streaming services on TiVo OS smart TVs and devices. The collabo...
12/06/2026
Net Insight has announced that a multinational technology company is deploying a...
12/06/2026
MLB Players Inc., the business arm of the MLB Players Association, has announced a partnership with Athletes First to develop and sell brand partnerships across...
12/06/2026
Guntermann and Drunck (G&D) and VuWall have announced the CommandKeyboard-Advanc...
12/06/2026
Comcast Smart Solutions announces a new smart technology deployment with Major L...
12/06/2026
Elevation Worship completed the initial leg of its Elevation Nights 2026 tour ...
12/06/2026
AJA Video Systems has announced KONA IP25 support for Colorfront Transkoder and ...
12/06/2026
Audinate Group Limited (ASX: AD8) will exhibit at InfoComm 2026 (Booth C7321, Ce...
12/06/2026
Pac-12 Commissioner Teresa Gould has announced the appointment of Scott Adametz as Chief Technology Officer. The Pac-12 describes the hire as the first CTO appo...
12/06/2026
Grass Valley has announced AMPP Edge Live, a production system combining Grass Valley hardware, NVIDIA Blackwell GPU acceleration, and AMPP OS in a single platf...
12/06/2026
At one time a trailblazer with the launch of the Longhorn Network, the Universit...
12/06/2026
Ratings Roundup is a rundown of recent rating news and is derived from press rel...
12/06/2026
Chyron has announced PAINT 10.4, an update to its illustrated replay and sports ...
12/06/2026
SVP, Production Mark Gross: With the new schedule, with not having every Sunday night, it's given us an opportunity to take a step back and reimagine what ...
12/06/2026
For Televisa Technical Engineering Manager Roberto N nez Ibarra and the small team of 12 technicians and two production personnel at the IBC things are already ...
12/06/2026
Simple Steps to Better Acoustics - Taming The Small Room
Most of us mix in spare rooms and small spaces, where the acoustics fight us at every turn. At Gear...
12/06/2026
Latest addition expands vintage-inspired effects palette
Meris' Ottobit pedal range draws its inspiration from vintage gaming consoles, and the latest a...
12/06/2026
Soundbox-based chamber strings series expanded
Sonora Cinematic have just announced the launch of the second instalment in their Soundbox-based chamber stri...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
AJA Announces KONA IP25 Integration with Colorfront Software
Brie Clayton June 12, 2026
0 Comments
Collaboration enables uncompressed SMPTE ST 2110 I/O ...
12/06/2026
URSA Cine 12K LF Used to Create Visuals for STUTS' K-Arena Concert
Brie Clayton June 12, 2026
0 Comments
Organic visuals projected on a giant scre...
12/06/2026
MTI FILM Acquires Mango New Edit, Expanding its Global Post-Production Services ...
12/06/2026
AI Point Tracking Speeds Up Complex VFX Tracks in Mocha Pro
Jessie Electa Petrov June 12, 2026
0 Comments
The 2026.5 release adds automatic point trac...
12/06/2026
Bitmovin, a provider of video streaming solutions, has partnered with Simplestream, a provider of OTT and broadcast solutions, and technology provider Xperi, to...
12/06/2026
Leostream Corporation, creator of the world-leading Leostream Remote Desktop Access Platform, today announced Jigsaw24, a leading B2B IT solutions provider wit...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
How Aussie indie games and screen are levelling up with IP 11 June 2026
Ari Harrison, Pro Jank Footy
Head of Games Joey Egger and Ari Harrison of Umbrella sha...
12/06/2026
Back to All News
Netflix Unveils First-Look Images from Villaflor, Santiago Mitre's New Film
Entertainment
12 June 2026
GlobalArgentina
Link copied to ...
12/06/2026
Back to All News
Cross the Boundaries of the Real World into the Spirit Realm i...
12/06/2026
With John Daro, DI Colourist at Warner Bros. Water Tower Color Tuesday 23 June, 10am-1pm or 3-6pm
Restar Corporation
Tokyo
Register here
John Daro is the ...
12/06/2026
Meet The Grumpy Onion Ireland's newest online sensation, all he wants is to ...
12/06/2026
RT stays Up All Night with brand new daily 2026 FIFA World Cup Vodcast
Adding to the fun around 2026 FIFA World Cup tournament, RT has launched a brand new d...
12/06/2026
A fentanyl countermeasure that adapts to combat future black-market drugs Scripps Research scientists developed a vaccine that teaches the immune system to rapi...
11/06/2026
The immense size of the tourney and its Atlantic-spanning operation also disting...
11/06/2026
Nielsen has released a new soccer fandom consumer research report, The Fans Behind The Game: FIFA World Cup 2026 Edition, examining the soccer audience in the...
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. 
