Harris Corporation (NYSE:HRS) has completed the previously announced sale of its government IT services business to Veritas Capital for $690 million in cash. Proceeds from the transaction will be used to support the company’s capital allocation strategy, including pension pre-funding and share repurchases.
The business, which was part of the former Critical Networks segment, provides IT and engineering managed services to U.S. government agencies, including supporting NASA’s Space Communications Network and Deep Space Network programs.
Source: Harris Corporation (NYSE: HRS)
Date: Apr 28, 2017