LONDON Tyco Electronics Ltd. (Pembroke, Bermuda) has entered into a definitive agreement to sell its wireless systems business to Harris Corp. (Melbourne, Florida) for $675 million in cash, subject to final working capital adjustments.
The wireless systems operation develops large-scale critical communications systems based on Internet protocol technology for customers in the public safety, utility, transit and public service industries. The business generated sales of $461 million in fiscal 2008.
“The sale of the wireless systems business will increase our focus on our core connectivity business and substantially completes the streamlining of our portfolio that we began two years ago,” said Tom Lynch, Tyco Electronics chief executive officer.
The transaction is subject to customary regulatory approvals and is expected to close in the summer of 2009.