Harris Corporation’s $37 Billion merger with L3

Paul, Weiss is representing the Board of Directors of Harris Corporation in its agreement to combine in a $37 billion all-stock merger of equals with L3 Technologies, Inc. The merger will create a global defense technology leader focused on developing differentiated and mission-critical solutions for customers around the world.

The merger will create a global defense technology leader focused on developing differentiated and mission-critical solutions for customers around the world. Upon completion of the merger, Harris shareholders will own approximately 54 percent and L3 shareholders will own approximately 46 percent of the combined company on a fully diluted basis.

The combined company, L3 Harris Technologies, Inc., will be the sixth-largest defense company in the U.S. and a top-10 defense company globally, with approximately 48,000 employees and customers in more than 100 countries. For calendar year 2018, the combined company is expected to generate net revenue of approximately $16 billion, EBIT of $2.4 billion and free cash flow of $1.9 billion.

The Paul, Weiss team includes corporate partners Scott Barshay (Picture) and Steven Williams and counsel Caith Kushner; and employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman and Jason Ertel.

Davis Polk is advising Morgan Stanley as financial adviser to Harris Corporation with a team including Lee Hochbaum and associate Jason P. Thompson.

Simpson Thacher advised L3 Technologies, Inc. with a team including Bill Curbow, Sebastian Tiller, Michael Ting, Brendan Lane and Austin Uhm (M&A); Brian Robbins, Jamin Koslowe, Ashlie Lawton and Aria Mahboubi (Employee Benefits); John Creed, Joseph Tootle and Pierce Pandolph (Tax); Peter Guryan, Ellen Frye, Peter Herrick, Andrew Hasty and Daniel Owsley (Antitrust); Roxane Reardon, Mark Brod, Clark Warthen and Alex Yeagley (Capital Markets); Karen Hsu Kelley and Charles Mathes (Public Company Advisory Practice); Michael Isby (Environmental); Lori Lesser, Melanie Jolson and Marissa Lambert (IP); and Krista McManus (Real Estate).

 

Involved fees earner: Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Steven Williams – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Jarrett Hoffman – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; Lee Hochbaum – Davis Polk & Wardwell; Jason Thompson – Davis Polk & Wardwell; William Curbow – Simpson Thacher & Bartlett; Sebastian Tiller – Simpson Thacher & Bartlett; Michael Ting – Simpson Thacher & Bartlett; Austin Uhm – Simpson Thacher & Bartlett; Brian Robbins – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Ashlie Lawton – Simpson Thacher & Bartlett; Aria Mahboubi – Simpson Thacher & Bartlett; John Creed – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett; Pierce Pandolph – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Ellen Frye – Simpson Thacher & Bartlett; Peter Herrick – Simpson Thacher & Bartlett; Daniel Owsley – Simpson Thacher & Bartlett; Andrew Hasty – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; Mark Brod – Simpson Thacher & Bartlett; Charles Clark Warthen – Simpson Thacher & Bartlett; Alexander Yeagley – Simpson Thacher & Bartlett; Karen Hsu Kelley – Simpson Thacher & Bartlett; Charles Mathes – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Marissa Lambert – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett;

Law Firms: Paul Weiss Rifkind Wharton & Garrison; Davis Polk & Wardwell; Simpson Thacher & Bartlett;

Clients: Morgan Stanley; Harris Corporation; L3 Technologies;

Author: Ambrogio Visconti