A PYMNTS Company

EU: Commission approves Harris/L3 Tech $33bn deal

By  |  June 23, 2019

Military communication equipment provider Harris has won European Union approval for the acquisition of L3 Technologies, on the condition that Harris sells its night vision global business, reported Reuters.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The all-stock merger will create the sixth-largest United States defense contractor, with a market value of US$34 billion at the time it was announced in October 2018.

    The EU antitrust regulator found that the merger would have reduced competition in the European markets for image intensification night vision devices and image intensification tubes.

    Harris offered to sell its night vision business before completing the deal, and the Commission accepted the remedy, Brussels said in a statement.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.