L3Harris Technologies Acquires Aerojet Rocketdyne For $4.7B – Yahoo Finance
L3Harris Technologies Inc (NYSE: LHX) has agreed to acquire Aerojet Rocketdyne Holdings Inc (NYSE: AJRD) for $58 per share in an all-cash transaction valued at $4.7 billion, including debt.
The per-share value represents a premium of 6% from AJRD’s closing price of $54.89 on Dec. 16, 2022.
The deal marks L3Harris’ second acquisition announcement of 2022.
Aerojet Rocketdyne provides propulsion systems and energetics to the Department of Defense, NASA, and other partners and allies worldwide.
Aerojet generates approximately $2.3 billion in annual revenue.
“We’ve heard the DoD leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” said Christopher E. Kubasik, L3Harris CEO and Chair.
L3Harris plans to fund the deal with existing cash and the issuance of new debt. The deal is expected to close in 2023.
L3Harris held $529 million in cash and equivalents as of Sept. 30, 2022.
Price Action: LHX shares closed lower by 1.48% to $213.27 on Friday.
Photo Via Company
See more from Benzinga
L3Harris Bags $886M Contract For US Army
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Related Quotes
Yahoo Finance Live anchors discuss L3Harris’s $4.7 billion acquisition of Aerojet Rocketdyne.
U.S. defense contractor L3Harris Technologies Inc said on Sunday it would buy Aerojet Rocketdyne Holdings Inc in a $4.7 billion all-cash transaction, as it looks to tap into rising demand for missiles amid the Ukraine conflict. Reuters had first reported on Saturday that L3Harris was nearing the deal to acquire U.S. rocket maker Aerojet. The offer price of $58 per share represents a premium of 5.7% to Aerojet's close on Friday.
There wouldn't be many who think Northrop Grumman Corporation's ( NYSE:NOC ) price-to-earnings (or "P/E") ratio of…
Higher interest rates — and the expectation that even higher rates are on the way — have made the real estate investment trust (REIT) game a difficult one lately. There are other factors, to be sure, but this industry is highly interest-rate sensitive and it’s been uncomfortable this year. Here are three REITs, all traded on the New York Stock Exchange, that have dropped to new 52-week lows: Denver-based Apartment Income REIT Corp. (NYSE: AIRC) focuses on owning and managing residential communit
After retirement you can start withdrawing the money you have accumulated over the years in your 401(k). However, a number of rules govern retirees' 401(k) distributions. For instance, in most cases to avoid penalties you have to wait until after … Continue reading → The post How Does a 401(k) Work When You Retire? appeared first on SmartAsset Blog.
L3Harris Technologies Inc. has agreed to buy rocket engine maker Aerojet Rocketdyne Holdings Inc. in a deal valued at about $4.7 billion. Bloomberg's Michelle Davis joins Kriti Gupta on "Bloomberg Markets" to discuss.
The outlook for the coal industry next year is mixed. Coal use for steelmaking is likely to fall given expectations of a global economic slowdown.
The pandemic prompted a lot of job-seekers to look for remote work, but how do you know if the job you're seeking will stay remote?
Shares of companies tied to the electric car industry, from start-up EV manufacturer Faraday Future Intelligent Electric (NASDAQ: FFIE) to Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) — which, as their names suggest, both operate networks of chargers for electric cars — tumbled in early trading Monday. As of 10:45 a.m. ET, Faraday shares are down a disheartening 11.7%, while Blink is losing 6% and ChargePoint has been drained by 8.5%. Given that there's no obviously negative news on the wires about any of these companies today, however, there seems only one logical explanation for the selling: tax loss harvesting.
Against a backdrop of soaring inflation, a slowing economy and persistent rate hikes, assessing the playbook for the coming year, CNBC’s Jim Cramer says it’s more important than ever to look at the past year and see what worked. Basically, which stocks have managed to overcome the bear conditions. Within the components of the S&P 500, energy and utilities have been segments that have beaten the broader market, and generally speaking, so have those of the healthcare sector. But healthcare stocks,
Nio (NYSE: NIO) shares are starting off the week on another down note after a more than 7% decline last week. Today, Nio shares were down 5.6% as of 11:30 a.m. ET as concerns mount over COVID-19 cases in China and economic conditions elsewhere. Investors are counting on the fourth quarter being a pivotal time for Nio's electric vehicle (EV) sales.
When it comes to passive income, not all that glitters is gold. The temptation of a high dividend yield promises investors strong returns, but the reality is often that lower-yielding stocks can pay out far more sustainably. The healthcare giant Abbott Laboratories (NYSE: ABT) is forever a river of opportunity for passive income investors thanks to its stability and consistent growth over time.
Companies that utilize artificial intelligence can dominate the business world and achieve long-lasting success. These three AI stocks are great buys right now.
Shares of AT&T (NYSE: T) were pulling back today on a down day in the market and after MoffettNathanson downgraded the stock this morning. AT&T shares were down 4.1% as of 2:19 p.m. ET. Research firm MoffettNathanson lowered its rating on AT&T from market perform to underperform this morning for mostly valuation-based reasons.
The semiconductor space has contracted over the past year. In this article, we will dissect which semi conductors are leading and which are lagging.
Every investor in Geron Corporation ( NASDAQ:GERN ) should be aware of the most powerful shareholder groups. The group…
In 2021, it seemed like nothing could stop the upward trajectory of big technology stocks like Amazon (NASDAQ: AMZN). The economy was booming as COVID-19 vaccines allowed pandemic-driven social distancing measures to be relaxed, and the digital advertising market hit new heights, leaving investors optimistic about internet stocks. High inflation, rising interest rates, and geopolitical turmoil have turned investors from extreme optimists to pessimists — particularly when it comes to technology stocks like Amazon, which has steadily fallen 48% year to date.
Energy inflation remains a serious concern. Protect your portfolio.
The smoldering wreckage that is Carvana (NYSE: CVNA) stock continues to burn up the remaining value of investors as shares careen 15.9% lower as of 11:52 a.m. ET on Monday. While there was no news specific to the online used car dealer that would cause it to crash, NBC News reports that vehicle repossessions are soaring in a worrying sign for the economy. Consumers can't afford their car loans anymore, and NBC, citing data from ratings agency Fitch Ratings, says auto loan defaults are exceeding pre-pandemic levels.
One thing is certain these days, and that’s uncertainty. Markets remain volatile, as a series of data releases have investors somewhat unsure whether high inflation, rising interest rates, or a possible recession – or perhaps all three at once – will come to dominate the forecasts. The result: day-to-day price swings and sharp changes that make predictions a risky business. Not every economist, however, is willing to throw in the towel, and the difficult market environment hasn’t put the scare o