Northrop Grumman announced that the company has finalized an agreement to sell its advisory services group, TASC, Inc. for $1.65 billion to a group of investors led by General Atlantic LLC. The deal awaits approval by regulatory authorities and is expected to occur by the end of the year.
TASC is part of Northrop Grumman’s Information Systems division and currently employees around 5, 000 people. TASC is expected the gross $1.6 billion in revenue for 2009. Ronald D. Sugar, CEO and chairman at Northrop Grumman said the move “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. TASC is a remarkable organization with a proud 43-year heritage of supporting critical national security missions. We are confident the investors understand the critical importance of its customers’ missions and the depth and sophistication of its employees’ expertise.”