UPDATE 3-CAE Strengthens Defense Business With Biggest Trade Ever, Shares Rise

UPDATE 3-CAE Strengthens Defense Business With Biggest Trade Ever, Shares Rise

(Adds comments from the CEO of the conference call)

Feb.28 (Reuters) – CAE Inc. will buy the military training division of L3Harris Technologies Inc. for $ 1.05 billion in the company’s largest transaction ever, bolstering its defense business to a moment when the pandemic weighs on civil aviation.

The deal will double the defense activities of the aviation training specialist in the critical US market, chief executive Marc Parent told analysts on Monday.

News of the operation sent shares of CAE, which also manufactures full flight simulators, more more than 10% in the morning trade in Toronto.

“When you look at the size of the critical mass that we have, it’s no exaggeration here that there isn’t a program in the United States or an opportunity that we can’t tap into,” Parent said. . The income will be distributed roughly evenly between …

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