NEW YORK, NY / ACCESSWIRE / October 16, 2018 / L3 Technologies and Harris Corporation both saw big gains as Wall Street digested Sunday’s announcement that the two will be merging in the largest defense merger in history. L3 Technologies also reported
RDI Initiates Coverage on:
L3 Technologies, Inc.
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Harris Corporation
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L3 Technologies, Inc. shares closed up 12.84% on nearly 4 million shares traded. The stock hit a new high of $222.64 during intraday trading after it was announced over the weekend that the company has inked a merger deal with Harris Corporation. Company Chairman, President
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Harris Corporation shares closed up nearly 12% on Monday on about 4.7 million shares traded. The stock hit a new high of $174.29 after it was revealed on Sunday that the company and L3 Technologies are joining together in a ‘merger of equals’ to create a $34M defense company. This is the largest defense merger so far in history. Australia-based Harris Corp. and New York-based L3 Technologies have agreed to a "transformational merger of equals." The combined company will be called L3 Harris Technologies Inc. and will have its headquarters in Melbourne. The stock deal is valued at $33.5 billion and is based on current stock prices. L3 has about 100 employees while Harris has a staggering 6,600 people. President and Chief Executive Officer, William M. Brown stated, “This transaction extends our position as a premier global defense technology company that unlocks additional growth opportunities and generates value for our customers, employees
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Our Actionable Research on L3 Technologies, Inc. (NYSE: LLL) and Harris Corporation (NYSE: HRS) can be downloaded free of charge at Research Driven Investing.
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