Veritas Capital has agreed to acquire the government IT services (GIT) business of Harris Corporation for $690 million in cash.
GIT provides IT and engineering managed services to US government agencies, including supporting NASA’s Space Communications Network and Deep Space Network programs, and operates within the company’s Critical Networks segment. Revenue for 2017 for GIT is estimated to be approximately $1 billion.
Veritas Capital invests in companies active in the aerospace & defense, healthcare, technology, national security, communications, energy and education sectors. The firm is headquartered in New York (www.veritascapital.com).
Harris Corporation (NYSE:HRS) is a defense contractor and information technology services provider that produces wireless equipment, tactical radios, electronic systems, night vision equipment and both terrestrial and space born antennas for use in the government, defense and commercial sectors. The company is headquartered in Melbourne, FL and has approximately $7.5 billion of annual revenue and more than 21,000 employees (www.harris.com).
© 2017 Private Equity Professional | January 27, 2017
