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Harris and L3 to Merge in $37 Billion Merger of Equals

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. 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 and Steven Williams and counsel Caith Kushner; and employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman and Jason Ertel.

October 14, 2018

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