By Senad Karaahmetovic
L3Harris Technologies (NYSE:LHX) is in advanced talks to acquire a military-communications business from Viasat (NASDAQ:VSAT), the Wall Street Journal reports.
The deal could be announced as soon as today with L3Harris likely paying close to $2 billion for the business unit named “Link 16 Tactical Data Links.” Viasat is known for providing satellite and broadband services with its military-communications unit making up for around a third of the company’s overall government business.
The WSJ report adds that Viasat plans to use the proceeds to pay down its debt which is measured in billions of dollars.
LHX shares are down over 1% on the news while Viasat stock price is trading 5.5% higher in pre-open Monday.