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Drones over U.S. may pose security risks
LOS ANGELES, Nov. 9 (UPI) -- U.S. defense contractor Northrop Grumman said it would sell its adviser services division TASC Inc. to an investor group for $1.65 billion.
The company said the deal to sell the division to General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co. was subject to regulatory approval, but was expected to close by the end of the year.
"This transaction is in the best interest of Northrop Grumman's customers, employees and shareholders," said Northrop Chairman and Chief Executive Officer Ronald Sugar.
The sale "reflects Northrop Grumman's desire to align quickly with the government's new organizational conflict of interest standards, while preserving TASC's unique organizational culture and its status as the advisory services employer of choice," he said.
TASC Inc. employs 5,000 and is expected to generate revenues of $1.6 billion in 2009.
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