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Northrop sells advisory services unit for $1.65B
LOS ANGELES (AP) - Northrop Grumman plans to sell its advisory services business TASC Inc. to private equity firm General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co. for $1.65 billion in cash.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The No. 2 defense contractor says it will use the proceeds to fund a new $1.1 billion increase to its stock buyback program. At the end of the third quarter, the company had about $280 million remaining on its $2.5 billion share repurchase authorization.
TASC, based in Chantilly, Va., serves intelligence, defense and civil agencies. It employs about 5,000 and is expected to record 2009 revenue of $1.6 billion. It is part of Northrop's information systems sector.
Northrop doesn't expect the deal to affect its 2009 net income or earnings per share. The transaction is expected to close by the end of the year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
