L3Harris Technologies (NYSE: LHX) sold a majority stake in its commercial space propulsion, power, and electronics businesses to private equity firm AE Industrial Partners. The deal carries a total enterprise value of $845 million. L3Harris will invest the proceeds in facilities and advanced technologies to meet growing demand.
The divested businesses will operate under a new company, Rocketdyne. L3Harris will retain an approximately 40% ownership stake in Rocketdyne. It will also continue as a strategic partner.
The sale excludes L3Harris's RS-25 rocket engine operations. These engines are used for NASA's Space Launch System.