Lockheed Martin sells unit to Veritas Capital
Lockheed Martin is to sell its Enterprise Integration Group unit to the Veritas Capital Fund IV $815 million, according to Veritas Capital. Lockheed had been in talks with a number of private equity firms to sell EIG, which advises government agencies on military platforms. Lockheed sold the unit to avoid any conflict of interest that might be created by advising government agencies on defense and also receiving major defense contracts. According to Lockheed, EIG has earnings of $65 million before interest, taxes, depreciation and amortization.
13 October 2010•3 mins read
