By Adriano Marchese

CAE Inc. said Monday that it has received all necessary regulatory approvals to acquire L3Harris Technologies Inc.'s military training business.

The Canadian manufacturer of simulation technologies said the acquisition will expand its position as a platform-agnostic training and simulation company.

It said that the new business will be integrated with CAE USA, which the company expects will double its core-military training business in the U.S.

"This acquisition will bring scale, experience and capabilities that support our strategy to align closely with the National Defense Strategy in the United States," said Daniel Gelston, group president, defence and security.

The acquisition, which was first announced on March 1 and is now set to close on July 2, is expected to provide low teens percentage earnings per share accretion for the company within its first full year after closing and to be immediately accretive to operating income, CAE said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

06-28-21 0654ET