Lockheed Martin [LMT] yesterday completed the sale of its Enterprise Integration Group (EIG) business to Veritas Capital for $815 million in cash, shedding the unit to avoid potential conflicts of interest with other Lockheed Martin businesses that work with the Defense Department.
The EIG unit had $626 million in sales for the 12-month period that ended on June 30. The business provides system engineering services, architecture, and integration services and support to a number of government customers.
Lockheed Martin announced its plans to divest EIG in June. Last month it said that Veritas had agreed to purchase EIG (Defense Daily, Oct. 14).