L3Harris Technologies agrees to sell commercial aviation solutions business to TJC

L3Harris Technologies has signed a definitive agreement under which an affiliate of private equity company TJC will acquire L3Harris’ Commercial Aviation Solutions (CAS) business for $800 million. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals. “Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio,”