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US: L3 and Harris merge in $33bn deal

By  |  October 14, 2018

L3 Technologies and Harris are to merge in an all-stock deal to create one of the world’s leading defense groups with a combined market value of $33.5bn.

The deal is the latest example of how increased defense spending under US President Donald Trump and the Republican-led Congress is driving contractors to pursue mergers so they have more scale to bid on bigger projects, spanning everything from upgrading outdated computer systems to space exploration.

An increased US defense budget and a two-year budget deal reached earlier this year that lifted caps on defense spending have also encouraged buyers.

The combined company, L3 Harris Technologies, will be the sixth largest defense company in the United States.

Full Content: CNBC
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