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  • Friday, November 15, 2024

Reuters: Harris to Auction Some Parts of Critical Networks Division


acquisitionHarris Corp. (NYSE: HRS) has put some parts of its critical networks division up for sale in a transaction that could be worth more than $1 billion, Reuters reported Tuesday.

Mike Stone and Michael Flaherty write the potential divestiture includes Harris™ information technology services operation and comes a month after the Melbourne, Florida-based communications technology maker named two mutually agreed independent directors to the board of directors as part of a cooperation agreement signed with New York City-based activist hedge fund Jana Partners in August.

Stone and Flaherty also report the Harris CapRock business that offers communications services to the energy sector could also be divested in a separate deal that could be worth at least $500 million.

A potential sale of CapRock would help the parent company reduce its debt and keep its energy sector exposure low.

Shares in Harris closed down 24 cents to $91.26 Tuesday and have climbed 7.21 percent since the agreement with Barry Rosenstein’s Jana fund was announced Aug. 2.

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