Lockheed Martin [LMT] on Tuesday said it has agreed to sell its Pacific Architects and Engineers (PAE) business unit to the private equity firm Lindsay Goldberg, LLC.
Terms of the deal were not disclosed and Lockheed Martin said it would not have a material effect on its financial results.
Lockheed Martin announced last summer it would shed the PAE business as the unit’s customers were seeking solutions that were not in line Lockheed Martin’s core integrated solutions offerings.
The transaction is expected to close in the second quarter of 2011. N