Raytheon Company (NYSE: RTN) and Thales (Euronext Paris: HO) have reached an agreement and concluded the transaction to transition the stakeholder positions they each hold in the ThalesRaytheonSystems joint venture structure – TRS LLC US Operations and TRS SAS French Operations.
The ThalesRaytheonSystems joint venture has been restructured to focus solely on NATO agencies and NATO member nations for the delivery of the Air Command and Control System, Theatre Missile Defense, and Ballistic Missile Defense (ACCS). Moving forward:
Company structure transitions are effective immediately.
As a result of the transaction, Raytheon made a cash payment to Thales in the amount of $90M and will be recording a tax free gain of approximately $150M in its second quarter financial results.
Source: Raytheon Corporation (NYSE: RTN)
Date: Jul 1, 2016