TRC Companies on Tuesday said it has completed its acquisition of Lockheed Martin’s [LMT] Distributed Energy Solutions (LM-DES), which expands its presence across North America and adds to its utility services capabilities.
Terms of the deal, which was first announced in October, were not disclosed.
The divestiture of LM-DES allows Lockheed Marti to focus energy strategy on products and technology for the energy market and the Defense Department.
LM-DES is a commercial business that provides services for energy efficiency, demand response, energy resource management, data analytics, cyber security, cloud services, and information technology systems integration and operation. The Massachusetts-based business has 400 employees.
Goldman Sachs served as Lockheed Martin’s financial adviser on the deal and TRC was advised by Macquarie Capital.