EMKR - EMCORE to acquire L3Harris Space and Navigation Business in $5M all-cash deal

EMCORE (NASDAQ:EMKR) has agreed to acquire the L3Harris (NYSE:LHX) Space and Navigation Business for ~$5M in an all-cash deal. Pursuant to the deal, EMCORE will acquire all IP and outstanding assets and liabilities of the L3Harris Space and Navigation business, including the 110,000 sq ft leased production facility in Budd Lake, New Jersey. The transaction, expected to close in the quarter ending June 30, 2022, will likely to accretive to non-GAAP EPS and generate material operating synergies in engineering, manufacturing and sales. The acquisition expands EMCORE's Fiber Optic Gyroscope (FOG) product portfolio into the Strategic Grade and Space-Qualified markets and strengthens its position as one of the largest independent inertial navigation providers in the industry. EMCORE will also be added as a preferred supplier to L3Harris divisions for future business opportunities. Furthermore, the deal includes master supply agreements for the BoRG (Booster Rate Gyro) and TAIMU (Tri-Axial Inertial Measurement Unit)

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EMCORE to acquire L3Harris Space and Navigation Business in $5M all-cash deal