NG signs deal to sell TASC unit

LOS ANGELES, Nov. 9 (UPI) -- Northrop Grumman announced plans to sell its advisory services unit in a move to align with new U.S. government organizational conflict-of-interest standards.

U.S.-based defense contractor Northrop Grumman said Sunday it has signed an agreement to sell its TASC Inc. business to a General Atlantic LLC-led investor group. TASC, Northrop Grumman's advisory services unit, will be sold to the investor group for $1.65 billion in cash pending approvals and other regulatory conditions.

Northrop Grumman said the TASC sale was part of an effort to align with new organizational conflict-of-interest standards by the U.S. government.

"This transaction is in the best interest of Northrop Grumman's customers, employees and shareholders. … TASC is a remarkable organization with a proud 43-year heritage of supporting critical national security missions," Ronald Sugar, Northrop Grumman chairman and chief executive officer, said in a statement.

"We are confident the investors understand the critical importance of its customer's missions and the depth and sophistication of its employee's expertise."