Harris Corporation (HRS) and L3 Technologies (LLL) were in advanced discussions as of Friday to combine in a stock deal, Dana Mattioli and Dana Cimilluca of Wall Street Journal report, citing people familiar with the matter.

The deal, which the companies are aiming to close as soon as this weekend, is expected to be marketed as a merger of equals, Mattioli and Cimilluca add. The providers of defense communications and electronics have a combined market value of about $33.5B.

Harris closed Friday up 65c to $154.87 while L3 closed up 60c to $195.78.