L3 Technologies and Harris Corporation have agreed to merge in an all-stock deal, the two companies announced Sunday, creating a $33.5 billion military technology company.
The combined company will be called L3 Harris Technologies and will be based in Melbourne, Fla., the home of Harris Corporation. Its 12-member board of directors will consist of six members from each company. The deal is expected to close next year, pending a review by the Defense Department.
“L3 Harris Technologies will possess a wealth of technologies and a talented and engaged workforce,” L3 chief executive Chris Kubasik said in a news release. “By unleashing this potential, we will strengthen our core franchises, expand into new and adjacent markets and enhance our global presence.”
Both companies have built military communications empires focused on networking and surveillance capabilities that are built into larger defense systems.