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Leidos Holdings to use incremental debt for acquisition
By Sara Rosenberg
New York, Feb. 4 – Leidos Holdings Inc. plans on using incremental debt and cash on hand to fund its $1 billion acquisition of L3Harris Technologies’ security detection and automation businesses, according to a company presentation.
Net leverage is expected around 3.7x at close.
Credit Suisse Securities (USA) LLC is acting as Leidos’ financial adviser for this transaction.
Closing is anticipated by the end of the second quarter, subject to customary conditions, including receipt of regulatory approvals.
L3Harris’ security detection and automation businesses provide airport and critical infrastructure screening products, automated tray return systems and other industrial automation products. The businesses have headquarters in Tewksbury, Mass. and Luton, England.
Leidos is a Reston, Va.-based information technology, engineering, and science solutions and services provider working to solve challenges in the defense, intelligence, homeland security, civil, and health markets.
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