M&A

L3Harris makes deal for another divestiture

L3Harris Technologies has found a buyer for another one of its businesses as the defense company continues on a post-merger portfolio review and reshaping.

In a release Tuesday, L3Harris said it has sold a holographic sighting systems unit called EOTech to privately-held American Holoptics. Terms of the transaction were not disclosed, but L3Harris said the EOTech business generates approximately $60 million in annual revenue.

This deal represents the latest divestiture L3Harris has struck a deal for since it launched last summer after the merger of L3 Technologies and Harris Corp. closed.

Leidos is paying $1 billion to acquire L3Harris’ global airport security and automation product businesses in a deal both companies expect to close by June. That is the largest such divestiture so far for L3Harris, which is also selling its applied kilovolts and analytical instrumentation business.

And in September, L3Harris completed the sale of the legacy Harris night vision technology business to Elbit Systems of America for $350 million in cash. Harris sold that business in order to get antitrust approval for the merger with L3 to proceed.

EOTech also provides magnified field optics and accessories for military, law enforcement and commercial customers around the world.

American Holoptics is backed by Koucar Management, an investment firm that holds approximately $250 million in assets across sectors such as technology and software, general contracting, construction management, property management, and hotel and hospitality management.

Then L-3 Communications bought EOTech for $49 million in 2005.

About the Author

Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at rwilkers@washingtontechnology.com. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.

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