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

 |  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.

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

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