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Harris and L3 agree to largest-ever defense merger

Harris Corp. on Monday agreed to an all-stock merger with rival defense contractor L3 Technologies. The deal is valued at over $15 billion, with the two companies' combined market cap at around $33.5 billion.

Why it's a big deal: Because it would be the defense sector's largest-ever merger, without much product overlap, at a time of rising U.S. defense budgets.

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