US science and technology company Leidos Holdings, Inc. (NYSE: LDOS) has announced it has agreed to acquire the security detection and automation businesses of L3Harris Technologies (NYSE: LHX) for USD 1bn in cash, the company said.
L3Harris´ Security Detection and Automation businesses provide airport and critical infrastructure screening products, automated tray return systems and other industrial automation products.
Leidos said the acquisition of these businesses will help accelerate growth and innovation and enable us to offer the market a comprehensive security platform.
The acquisition adds complementary products that expand Leidos´ offerings to create a comprehensive security and detection platform. These products include checkpoint security products like checkpoint CT scanners, people scanners, comprehensive explosives trace detectors, checked baggage screeners and automated tray return systems. The addition of this technology to the Leidos portfolio will enhance the company´s offerings in a global security product market projected to grow in excess of the federal budget.
Leidos retained Credit Suisse Securities LLC as financial advisor, and Fried, Frank, Harris, Shriver, and Jacobson LLP and DLA Piper as legal advisors in connection with the transaction. Leidos also retained PwC as operations and accounting advisor.
Leidos is an information technology, engineering and science solutions and services leader working to solve challenges in the defense, intelligence, homeland security, civil, and health markets.