NEW YORK--(BUSINESS WIRE)--Veritas Capital, a leading private equity investment firm, today announced the signing of a definitive agreement under which an affiliate of Veritas has agreed to acquire Harris Corporation’s (NYSE:HRS) government IT services business for $690 million in cash.
Headquartered in Herndon, Virginia, the business provides communications, engineering and IT solutions for Intelligence, defense, and federal civilian customers, including supporting NASA’s Space Communications Network and Deep Space Network programs, and operates within Harris’ Critical Networks segment, generating over $1 billion of revenue annually.
“Harris’ government IT services business is a differentiated platform serving a mission critical role to its government customers,” said Ramzi Musallam, Chief Executive Officer and Managing Partner at Veritas. “We look forward to leveraging our extensive experience in the government services market to support the Company’s management team and highly skilled employees as they target new opportunities in both core and adjacent markets to grow the business.”
The transaction is subject to regulatory review and other customary closing conditions and is expected to close in the second quarter of 2017.
Macquarie Capital is acting as financial advisor to Veritas in connection with the transaction.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.
About Harris Corporation
Harris Corporation is a leading technology innovator, solving customers' toughest mission-critical challenges by providing solutions that connect, inform and protect. Learn more at www.harris.com.