Sun, Jul 04, 2021
Military Training Business Sold for US$1.05 Billion
CAE has announced that it has formally concluded the previously announced acquisition of L3Harris Technologies' Military Training business for US$1.05 billion. As announced earlier, all regulatory approvals were obtained and now all other closing conditions have been met.
As previously announced, a portion of the purchase price of the Acquisition and other related transaction costs was financed using the net proceeds from the private placements of C$700 million (approximately US$550 million) aggregate amount of subscription receipts issued by CAE to Caisse de dépôt et placement du Québec and GIC Private Limited.
The L3Harris Military Training business includes Link Simulation & Training, Doss Aviation and AMI. L3Harris Link is a provider of military training solutions in the United States; Doss Aviation is a provider of initial flight training to the United States Air Force (USAF); and AMI is a design and manufacturing facility for simulator hardware. The L3Harris Military Training business will operate under CAE USA, headquartered in Tampa, Florida.
The Acquisition expands CAE’s position as a platform-agnostic training systems integrator by diversifying CAE’s training and simulation presence in the air domain, complementing land and naval training solutions, and enhancing CAE’s training and simulation capabilities in space and cyber. L3Harris Military Training will bring significant experience in the development and delivery of training systems for fighter and bomber aircraft, Army rotary-wing platforms, submarines and remotely piloted aircraft. L3Harris Military Training will also bring a significant backlog and position on key programs, including the USAF Simulators Common Architecture Requirements and Standards (SCARS) program, USAF F-16 Simulators Training Program (STP), US Navy/Marine Corps F/A-18 aircrew training systems, USAF Ground Based Strategic Deterrent (GBSD) training and USAF B-2 training system.
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