L3Harris to sell commercial aviation solutions business to TJC for $800 million
MELBOURNE, Fla., - An affiliate of TJC L.P. will acquire L3Harris’ Commercial Aviation Solutions (CAS) business for $800 million. TJC L.P. (formerly known as The Jordan Company), founded in 1982, is a middle-market private equity firm. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals, AviationPros reports.
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The Military & Aerospace Electronics take:
5 December 2023 -“Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective.”
L3Harris’ CAS business employs approximately 1,450 people and offers pilot training, flight data analytics, avionics, and advanced air mobility products and services, among other capabilities.
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Jamie Whitney, Senior Editor
Military + Aerospace Electronics
