Lockheed Martin Corp. is selling the Pacific Architects and Engineers Inc. military services business to private equity firm Lindsay Goldberg, Reuters reported. Financial terms of the deal were not disclosed. The deal is expected to close during the second quarter. Lockheed acquired PAE in 2006. The business unit provides services in mission readiness, peacekeeping and disaster relief activities, Reuters said.
(Reuters) – Lockheed Martin Corp (LMT.N) is selling its Pacific Architects and Engineers Inc military services business to private equity firm Lindsay Goldberg LLC.
Terms of the sale, which was announced on Tuesday, will not be disclosed, Lockheed said. The transaction is expected to be completed in the second quarter.
Lockheed acquired PAE in 2006 and announced it was selling the unit in June. The company sold its Enterprise Integration Group advisory business, which it put up for the sale at the same time as PAE, for $815 million to a private equity firm last year.
Pacific Architects offers services in mission readiness, peacekeeping and disaster relief activities.
Shares of Lockheed Martin closed down 2 percent at $80.18 in regular trading on the New York Stock Exchange, prior to announcement of the agreement to sell PAE. (Reporting by Karen Jacobs; Editing by Steve Orlofsky)
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