Harris to sell night vision business to Elbit Systems

Harris said today it has agreed to sell its night vision business to Elbit Systems of America for $350 million in cash.

"The transaction is conditioned on completion of Harris' previously announced proposed merger with L3 Technologies . . . as well as customary closing conditions including receipt of regulatory approvals," the company said.

Earlier this year, Harris indicated it was "moving proactively" and considering selling the business as part of the regulatory process related to its merger with L3.

The company said it will use the sale's proceeds to "pre-fund the L3 Harris pension and return cash to shareholders."