BREAKING NEWS
Leidos makes $1B deal to buy security, automation businesses from L3Harris
Leidos will pay $1 billion to buy the security detection and automation businesses from L3Harris.
The businesses provide airport and critical infrastructure screening products, automated tray return systems and other industrial automation products.
The combined businesses have 1,200 employees with headquarters in Tewksbury, Mass., and Luton, England. They support 20,000 systems deployed globally across 100 countries. Most of the customers are in aviation, transportation, government and critical infrastructure markets.
“The acquisition of these businesses will help accelerate our growth and innovation and enable us to offer the market a comprehensive security platform,” said Leidos Chairman and CEO Roger Krone. “The businesses further our commitment to a diversified revenue stream, by expanding our customer penetration into 75 additional countries.”
Leidos is financing he deal through a combination of cash on hand and incremental debt. It is expected to close by the end of the second quarter of 2020.
Check back at washingtontechnology.com for more news and analysis of this deal.