L3, Harris to merge in deal creating ’sixth prime’ defense giant

Meet the sixth prime — L3 Harris Technologies.

Harris Corp. (NYSE: HRS) and L3 Technologies (NYSE: LLL) unveiled an all-stock merger of equals Sunday that, if it clears regulatory scrutiny and a Department of Defense review, would create the sixth-largest aerospace and defense prime contractor, behind Lockheed Martin Corp. (NYSE: LMT), Boeing Co. (NYSE: BA), Raytheon Co. (NYSE: RTN), Northrop Grumman Corp. (NYSE: NOC) and General Dynamics Corp. (NYSE: GD) as the biggest of the behemoths servicing the Pentagon.

L3 and Harris would combine to form a military communications and defense electronics company with about $16 billion in revenue, a $34 billion market cap and a significant presence in Greater Washington. The deal is the latest example of consolidation in the government contracting industry as budget certainty and increased funding drive companies to seek scale to bid on bigger and more complex projects. 

L3 Harris Technologies would not only be a top-six prime contractor in…

Read the full story from the Washington Business Journal.



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