- L3Harris Technologies Inc (NYSE:LHX) has agreed to acquire Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) for $58 per share in an all-cash transaction valued at $4.7 billion, including debt.
- The per-share value represents a premium of 6% from AJRD’s closing price of $54.89 on Dec. 16, 2022.
- The deal marks L3Harris’ second acquisition announcement of 2022.
- Aerojet Rocketdyne provides propulsion systems and energetics to the Department of Defense, NASA, and other partners and allies worldwide.
- Aerojet generates approximately $2.3 billion in annual revenue.
- “We’ve heard the DoD leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” said Christopher E. Kubasik, L3Harris CEO and Chair.
- L3Harris plans to fund the deal with existing cash and the issuance of new debt. The deal is expected to close in 2023.
- L3Harris held $529 million in cash and equivalents as of Sept. 30, 2022.
- Price Action: LHX shares closed lower by 1.48% to $213.27 on Friday.
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