Lockheed Martin (NYSE:LMT) is selling its enterprise integration business to Veritas Capital for $815 million in cash based on the US government’s increased concern regarding possible conflicts of interest.
In a statement, the defense contractor said the divestiture, the intent of which was announced in June, offers the business the ability to grow and offer the “best, more affordable solutions” to customers.
“The decision to divest enterprise integration group followed a comprehensive review of our portfolio,” Lockheed Martin CEO Robert J. Stevens said. “I am confident that the company and its employees will continue to thrive under the management of Veritas.”
The group provides system engineering, architecture and integration services to a variety of customers in the government.
The deal is expected to close, subject to review under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions, by the end of this year.