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L3Harris Technologies (NYSE:LHX) announced it has received all regulatory approvals for acquiring Viasat's Tactical Data Link product line, known as Link 16. The deal, initially expected to close in H1 2023, is now set to finalize by January 3, 2023. This acquisition involves nearly 450 employees and approximately $400 million in annual sales, enhancing L3Harris's capabilities in tactical data communication for defense applications. CEO Christopher Kubasik expressed enthusiasm about starting this modernization effort ahead of schedule.
Positive
Acquisition expected to close earlier than planned, enhancing operational efficiency.
Expected annual sales of approximately $400 million from the acquired product line.
Strengthened position in advanced tactical data communication supports military capabilities.
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None.
MELBOURNE, Fla.--(BUSINESS WIRE)--
L3Harris Technologies (NYSE:LHX) announced today obtaining all regulatory approvals for its acquisition of the Tactical Data Link product line – commonly known as Link 16 – from Viasat.
“We are in position to close this acquisition much earlier than expected, which means we can welcome our new employees and begin work even earlier on this important modernization effort,” said Christopher Kubasik, L3Harris CEO and Chair. "The team is excited to deliver advanced tactical data links for this broadly used network, which will give our warfighters distinct advantages in multiple domains.”
The company announced the signing of a definitive agreement to acquire the TDL network on October 3, 2022, with the deal originally expected to close in the first half of 2023. With U.S. regulatory and allied partner approval now obtained, the deal is expected to close by January 3, 2023.
The product line, comprised of nearly 450 employees and generating approximately $400 million in annual sales, is installed in more than 20,000 U.S. and allied platforms around the world enabling warfighters across multiple domains to securely share voice and data communications. L3Harris plans to modernize the technology, adding advanced tactical data links to the existing Link 16 network, achieving a level of resiliency relevant for evolving electronic warfare environments and JADC2 requirements.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from the forward-looking statements or historical performance. Important risk factors that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements are described in the “Risk Factors” sections of each company’s Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent quarterly reports on Form 10-Q. In addition, among other things, any delays in, or failures by either party to satisfy pre-closing covenants in the definitive agreement in a timely manner or at all could cause actual results or outcomes to differ materially from the forward-looking statements or historical performance. Statements about the closing of the acquisition, L3Harris’ ability to successfully execute its plans for the acquired business and the benefit of the asset step up, are forward-looking and involve risks and uncertainties. The forward-looking statements speak only as of the date of this press release, and L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
