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L3Harris closes $1B sale of airport security/automation business

L3Harris (NYSE:LHX) has closed the $1B sale of its airport security and automation business to Leidos (NYSE:LDOS).

The deal was in all cash.

L3Harris’ Security & Detection Systems and MacDonald Humfrey Automation solutions (used in aviation and transportation industries, regulatory and customs authorities, government and law enforcement agencies, and commercial and other high-security facilities) boast annual revenues of nearly $500M.

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Associated Banc-Corp to sell benefits & risk consulting unit

Associated Banc-Corp (NYSE:ASB) agrees to sell Associated Benefits & Risk Consulting to USI Insurance Services for ~$265.8M in cash.

“This transaction allows us to monetize our investment in ABRC and further our strategic goals of enhancing shareholder value and being a source of strength for our customers, colleagues and communities,” said Philip B. Flynn, president and CEO of Associated.

The capital from the transaction will support loan growth, create an added buffer, and support ASB’s dividend policy, the company said.

ABRC’s last twelve months pro forma revenue was ~$89M.

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Nasdaq, PureShares and ETFMG reach settlement

Nasdaq (NASDAQ:NDAQ) and Exchange Traded Managers Group agree to certain cash payments from ETFMG to Nasdaq and PureShares LLC, under the settlement.

Also ETFMG will transfer certain of its intellectual property and related assets to a Nasdaq affiliate. The transaction is expected to close in H2 2020.

The settlement resolves claims regarding former PureFunds ETFs in two separate lawsuits — one in the Southern District of New York Federal Court and the other in the New Jersey State Superior Court.

In the suits, Nasdaq and Andrew Chanin,  founder of the cybersecurity ETF known as HACK, accused ETFMG of stealing $1.4B in ETFs.

Previously: Nasdaq cyber ETF suit goes to trial (May 13, 2019)

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