​In an effort to create a global defense technology leader that focuses on developing “differentiated and mission critical solutions” for customers across the globe, Harris Corporation and L3 Technologies Inc. have agreed to combine in an “all stock merger of equals” that results in a combined company called L3 Harris Technologies Inc.

Both companies are fully invested in the world of unmanned systems, as L3 recently acquired ASV Global—a USV and autonomous vessel control systems company—to create L3 ASV, while Harris is an FAA-approved vendor of the LAANC service, which provides UAS with access to the controlled airspace near airports.

According to the companies, L3 Harris Technologies Inc. will be the sixth largest defense company in the U.S. and a top 10 defense company globally, with approximately 48,000 employees and customers in over 100 countries.

“This transaction extends our position as a premier global defense technology company that unlocks additional growth opportunities and generates value for our customers, employees and shareholders,” explains Harris Chairman, President and Chief Executive Officer, William M. Brown.

“Combining our complementary franchises and extensive technology portfolios will enable us to accelerate innovation to better serve our customers, deliver significant operating synergies and produce strong free cash flow, which we will deploy to drive shareholder value.”

Harris and L3 say that there are a number of strategic benefits of the merger, including “increased scale with a well-balanced portfolio of complementary franchises; a shared culture of innovation and operating philosophy creates stronger platform to drive growth; and a meaningful value creation opportunity.”

“L3 Harris Technologies will possess a wealth of technologies and a talented and engaged workforce,” says L3 Chairman, President and Chief Executive Officer, Christopher E. Kubasik.

“By unleashing this potential, we will strengthen our core franchises, expand into new and adjacent markets and enhance our global presence.”