Communications equipment maker Harris Corp (HRS.N) said on Thursday it agreed to buy Tyco Electronics Ltd's (TYC.N) wireless systems business for $675 million in cash.
The business, which provides wireless communications systems for law enforcement, fire and rescue, and public service organizations, had $461 million in sales in 2008.
Harris said it will combine the Tyco wireless systems business with its Harris RF Communications unit.
The deal, which could be subject to working capital adjustments, is expected to close this summer. Morgan Stanley and Jones Day advised Harris, while Barclays Capital and law firm Davis Polk advised Tyco Electronics.
Tyco Electronics also forecast an operating loss for the quarter ended March 27 of $3.6 billion to $4.1 billion, including a more than $3.3 billion goodwill impairment charge due to significant sales and earnings declines. Excluding items, it expects operating earnings of $75 million in the quarter.
Tycol Electronics also said sales for the quarter were $2.46 billion, roughly in line with analyst estimates.
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