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Report: Defense communications companies Harris, L3 closing in on mega-merger

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Report: Defense communications companies Harris, L3 closing in on mega-merger

Two top defense contractors Harris Corp. and L3 Technologies Inc. are working on a mega-merger that could be announced as early as this weekend, The Wall Street Journal reported on Oct. 13.

According to the report, the two companies were nearing in on a stock deal on Oct. 12. The combination would create a company with a market value of about $33.5 billion.

According to its annual report, Harris pulled in $6.2 billion in revenue during its latest fiscal year. Its core segments include communications systems, electronic systems, and space and intelligence systems. The company has a market capitalization of nearly $18.2 billion.

L3 reported net sales of nearly $9.6 billion in 2017, with its core segments focused in electronics systems, aerospace systems, sensor systems and communications systems. The company has a market capitalization of more than $15.3 billion.

Both companies have investment grade ratings, with Moody's marking them both at Baa3.