Thales received approximately $90 million in cash payment from Raytheon as part of their JV restructuring deal, Raytheon said Friday.
ThalesRaytheonSystemsâ U.S. operations â TRS LLC â will now serve as a wholly owned subsidiary of Raytheonâs command and control solutions business and the JVâs France-based operations – TRS SAS – will now become a Thales subsidiary under the new structure.
The JVâs portfolio of aerial C2 platforms and ground-based radar systems will also transition to its parent companies.
Raytheon will record approximately $150 million in tax free gain for the second quarter of 2016 as a result of the transaction.