Renk Aktiengesellschaft (DB:ZAR) signed definitive agreement to acquire Combat Propulsion Systems and related businesses from L3Harris Technologies, Inc. (NYSE:LHX) for approximately $400 million on March 1, 2021. The consideration was to be paid in cash. In a related transaction, CAE signed definitive agreement to acquire L3Harris' Military Training business from L3Harris Technologies for approximately $1.05 billion on March 1, 2021.

Annual revenue was $230 million. L3Harris expects to use the proceeds from the divestitures to repurchase shares of its common stock. The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the second half of 2021.

Greg Starkins, Azad Badakhsh, Brad Davis and Joseph Bonanni of Moelis & Company LLC is serving as financial advisor and Sebastian Tiller, Jamin R. Koslowe, Sophie A. Staples, Michael R. Isby, Krista B. McManus, Peter Guryan, Mark A. Brod and William B. Sheehan of Simpson Thacher & Bartlett LLP as legal counsel for L3Harris. Christof Alexander Schneider, Mauritz von Einem, Andrea Panzer-Heemeier, Tobias Neufeld, Ulrich Lienhard, Marcus Nothhelfer, Saskia Kirschbaum, Sina Janke and Tanja of ARQIS Rechtsanwälte acted as legal advisor to Renk Aktiengesellschaft. James Sullivan, Zack Young, Helen Galloway, Jessica Williams-Vickery, Jason Waite, Clare Draper, Kyle Woods, Andy Howard and Ronnie Gosselin of Alston Bird LLP acted as legal advisor to Renk Aktiengesellschaft.

Keith A. Pagnani, Scott B. Crofton, Kimberly Meng Han, Lisa M. Morales, Donna Kim, Matthew M. Friestedt, Davis J. Wang, Mark Schenkel, Ari B. Blaut, Christopher L. Mann, Eric H. Queen, Joseph J. Matelis and Michael Rosenthal of Sullivan & Cromwell LLP acted as legal advisor to L3Harris Technologies, Inc.