L3 Technologies announced on 1 May that it had reached a definitive agreement to sell its Vertex Aerospace business to private equity fund American Industrial Partners.
The sale, for USD540 million in cash, also included the Crestview Aerospace and TCS businesses from L3 Technologies’ Aerospace Systems business line.
The transaction is expected to be completed by the end of August, pending regulatory approval.
L3 Technologies CEO Christopher Kubasik said during an investor call that the total transaction would see the company record a gain of USD400 million after tax, which would be used for the company’s strategic priorities.
Vertex Aerospace had originally been part of Raytheon Aerospace, before it was acquired by L-3 Communications (since rebranded as L3 Technologies) in 2003.
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