Author: Jane Edwards|| Date Published: May 2, 2018
New York-based private equity firm American Industrial Partners has agreed to buy Vertex Aerospace business from L3 Technologies (NYSE: LLL) for approximately $540 million in cash.
The transaction includes the acquisition of L3™s TCS and Crestview Aerospace business units that operate under the technology contractor™s aerospace systems segment and both companies expect the deal to close in the summer of 2018, L3 said Tuesday.
Christopher Kubasik, L3 president and CEO, said the company aims to optimize its portfolio through the divestiture and intends to use the proceeds from the transaction to invest in L3™s growth initiatives.
Vertex Aerospace is an aviation logistics support, maintenance, repair and overhaul and supply chain management services provider.
TCS provides logistics and engineering services while Crestview delivers rotary aircraft component assembly and fabrication support services. Both business units posted $115 million in net sales for the year ended Dec. 31, 2017.
Moelis & Company and Simpson Thacher & Bartlett LLP respectively served as financial and legal advisers to L3 in the transaction.
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New York-based private equity firm American Industrial Partners has agreed to buy Vertex Aerospace business from L3 Technologies (NYSE: LLL) for approximately $540 million in cash.
