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Article: Northrop Grumman to Sell Its Advisory Services Division, TASC, Inc., for $1.65 Billion; Net Cash Proceeds to Fund Additional $1.1 Billion Share Repurchase.
- Article from:
- PR Newswire
- Article date:
- November 8, 2009
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LOS ANGELES, Nov. 8 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation has signed a definitive agreement to sell TASC, Inc., its advisory services business, for $1.65 billion in cash to an investor group led by General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co. L.P. Completion of the transaction is subject to customary regulatory conditions including Hart-Scott-Rodino approval. The transaction is expected to close by year end.
Northrop Grumman's board of directors separately authorized a $1.1 billion increase in the company's share repurchase program. At the end of the third quarter of 2009, approximately $280 million remained on the ...