Acquisition Conditional on Proposed Harris-L3 Merger
Elbit Systems announced on 5 April that its is to acquire Harris Night Vision business for a purchase price of $350 million.
The acquisition, which will be made by Elbit Systems’ US subsidiary, Elbit Systems of America, is conditional on the closing of the proposed merger between Harris and L3 Technologies. MON understands that Harris has been seeking to dispose of the night vision business since the beginning of the year in order to address anti-trust concerns expressed by the US Justice Department of Justice.
Headquartered in Roanoke, VA, Harris Night Vision is a leading developer, producer and supplier of night vision technology for US and allied military and security forces and for the federal homeland security market.
“The market position and technological strength of Harris Night Vision make this acquisition significant to our long-term growth strategy, with a particular focus on the US. Elbit Systems of America has a proven track record of providing high performance solutions and support services to the US defence and homeland security markets. We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s employees and customers,” commented Elbit Systems President and CEO, Bezhalel Machlis.