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Harris to acquire Exelis
Posted: Sat, Feb 7, 2015, 10:04 AM ET (1504 GMT)
Harris Corporation announced Friday a deal to acquire Exelis, bringing together two companies that perform space and defense work. Harris will acquire Exelis for $4.75 billion in a deal expected to close in June. The merged companies will achieve $100-120 million in "cost synergies" from the merger, largely as a result of consolidating headquarters and public company costs as well as other efficiencies. Both companies are involved in the space business, primary by providing major satellite and ground system components. Harris builds various communications components, including large deployable antennas for satellites. Exelis builds navigation and imaging payloads and also supports activities at government launch ranges.
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