Falls Church-based Fortune 500 aerospace and defense contractor Northrop Grumman Corp. announced Monday the closure of the sale of its federal IT and mission support services business for $3.4 billion in cash to Herndon-based national security contractor Peraton, a Veritas Capital affiliate.
According to the December 2020 announcement about the sale, proceeds are expected to go to share repurchases and debt retirement.
“The completion of this transaction brings together two dynamic businesses with complementary, mission-critical solutions and capabilities, creating an industry-leading platform with a shared commitment to customer success,” Veritas CEO and Managing Partner Ramzi Musallam said in a statement. “This milestone kicks off the next exciting phase of growth for Peraton.”
