L3Harris Technologies is selling its commercial aviation solutions business to private equity firm TJC L.P. for $800 million, the defense company said on Monday.

The deal includes a $700 million cash purchase price and a $100 million earnout based on the achievement of certain financial performance targets for this year and 2024.

The commercial aviation solutions business of L3Harris offers pilot training, flight data analytics, avionics and advanced air mobility products and services and has around 1,450 employees.

"Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective," L3Harris said in a statement.

Morgan Stanley and Moelis & Co were financial advisers to L3Harris, while J.P. Morgan Securities LLC advised TJC L.P.

The transaction is expected to close in the first half of 2024.

(Reporting by Pratyush Thakur in Bengaluru; Editing by Saumyadeb Chakrabarty)