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Harris Corporation and L3 Technologies will complete a merger of equals transaction to create L3 Harris Technologies Inc, after they gained approval from their stockholders.
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L3 Harris Technologies aims to be a leader in global defence technology and "will be focused on developing differentiated and mission critical solutions for customers around the world".
The merger is expected to be finalised in mid-2019, subject to satisfaction of customary closing conditions.
“I am pleased that our shareholders voted in favor of this strategic combination, which will create a premier global defence technology company,” said William Brown, Harris chairman, president and chief executive.
“Today’s vote clearly supports our view that this merger will unlock additional growth opportunities and generate value for our customers, employees and shareholders.”
“This vote represents a key milestone in our merger process,” added Christopher Kubasik, L3 chairman, CEO and president.
“Overall, integration planning is proceeding well as we prepare to capture operational synergies and establish a shared culture of innovation. The increased scale of L3 Harris will allow us to deliver comprehensive mission-critical solutions to our customers, while creating value for all of our stakeholders.”
The results on the proposals voted on at the stockholder meetings will be set forth in the companies’ separate Form 8-Ks filed with the SEC, which also will be available on the companies’ websites.
