CAE to acquire L3Harris Technologies' Military Training business for US$1.05 billion - PR Newswire - PRF - Mon Mar 1, 5:00AM CST
PR Newswire - PRF - CMTX
Mon Mar 1, 5:00AM CST
The L3Harris Military Training business includes Link Simulation & Training, Doss Aviation and AMI. L3Harris Link is one of the leading providers of military training solutions in ; Doss Aviation is the provider of initial flight training to the United States Air Force (USAF); and AMI is a design and manufacturing facility for simulator hardware. Upon closing, the L3Harris Military Training business would operate under CAE , headquartered in .
L3Harris Technologies Signs Definitive Agreements to Sell Its Military Training and Combat Propulsion Systems Businesses for $1.45 Billion - BusinessWire - Mon Mar 1, 5:00AM CST
BusinessWire - CMTX
Mon Mar 1, 5:00AM CST
L3Harris Technologies (NYSE:LHX) has signed definitive agreements to sell its Military Training business to CAE and its Combat Propulsion Systems and related businesses to RENK AG for a combined $1.45 billion. Each transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the second half of 2021.
CAE to acquire L3Harris Technologies' Military Training business for US$1.05 billion - PR Newswire - Mon Mar 1, 5:00AM CST
PR Newswire - PRNW
Mon Mar 1, 5:00AM CST
MONTREAL , March 1, 2021 /PRNewswire/ -  (NYSE: CAE) (TSX: CAE) – CAE today announced that it has entered into a definitive agreement with L3Harris Technologies (NYSE: LHX) to acquire L3Harris' Military Training business for US$1.05 billion , subject to customary adjustments (the " Acquisition "). The Acquisition value represents approximately 13.5 times the L3Harris Military Training business estimated adjusted 2020 EBITDA (1) or approximately 10 times, including cost synergies, which are expected to reach a range of C$35 to C$45 million (approximately US$28 to US$35 million ) annually by the end of the second year following closing of the Acquisition. The Acquisition is expected to be low-teens percentage EPS accretive to CAE in the first full year post closing, including expected cost synergies. The closing of the Acquisition is expected in the second half of calendar year 2021, subject to regulatory approvals and other customary closing conditions.