FALLS CHURCH, Va., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Northrop Grumman Corporation (NYSE: NOC) has closed the sale of its IT services business to Peraton, an affiliate of Veritas, for $3.4 billion in cash.

Northrop Grumman expects to use the sale proceeds primarily for share repurchases, to offset dilution from the transaction, and for debt retirement. As noted on the company’s January 28, 2021 earnings call, neither the book gain nor various fees associated with this transaction are included in its 2021 financial guidance.

Northrop Grumman solves the toughest problems in space, aeronautics, defense and cyberspace to meet the ever evolving needs of our customers worldwide. Our 97,000 employees define possible every day using science, technology and engineering to create and deliver advanced systems, products and services.