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Business/Financial

Harris Completes Sale Of Government IT Business To Veritas

By Cal Biesecker

Monday, May 1st, 2017

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Harris Completes Sale Of Government IT Business To Veritas

Harris Corp. Chairman, President and CEO William Brown. Photo: Harris

Harris Corp. [HRS] on Friday said it has completed the sales of its government information technology (IT) services business to the private equity firm Veritas Capital for $690 million in cash, which will be used to support its cash deployment strategy.The deal was first announced in January (Defense Daily, Jan. 27).Harris said it will use the proceeds from the sale for pension pre-funding and share repurchases.Harris sold the business to focus on its core technology businesses.The $1 billion government IT…

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