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Vertex to Buy Raytheon’s Defense Training & Mission Critical Solutions Unit; Ed Boyington Quoted

Vertex Aerospace has agreed to acquire Raytheon Technologies’ (NYSE: RTX) defense training and mission critical solutions business for an undisclosed sum to expand its product and service offerings for government, defense and commercial clients.

Ed Boyington, president and CEO of Vertex, said in a statement published Friday he looks forward to welcoming over 2,000 employees of the Raytheon business unit and expects the transaction to help enhance Vertex’s capabilities and accelerate strategy to deliver a comprehensive suite of platforms to clients worldwide.

Raytheon’s defense training and mission critical solutions unit posted approximately $1 billion in 2020 sales and provides training and sustainment products and services to defense and commercial aerospace sectors. The unit is composed of four business lines: defense training; professional services; mission critical solutions; and modernization and sustainment.

Madison, Mississippi-based Vertex Aerospace has approximately 3,500 employees across 100 locations worldwide delivering aftermarket aerospace support services for over 2,400 rotary- and fixed-wing aircraft. In 2018, private equity firm American Industrial Partners acquired Vertex from L3 Technologies, which now operates as L3Harris Technologies (NYSE: LHX).

RBC Capital Markets and Morgan Stanley & Co. serve as financial advisers to Vertex and AIP in the deal, while Ropes & Gray and Jones Day act as legal advisers. Baker Botts serves as regulatory counsel to Vertex and AIP.

Evercore and Wachtell, Lipton, Rosen & Katz serve as financial and legal advisers, respectively, to Raytheon in the transaction.

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