The Vertex Company on Tuesday said it completed its acquisition of several business lines of Raytheon Technologies Corp. [RTX] that provide training solutions and modernization and sustainment to defense and commercial customers.
The deal was first announced in September and terms were not disclosed. The former RTC business lines had a combined $1 billion in sales in 2020.
“This acquisition supports our strategy to deliver a more integrated and comprehensive suite of solutions to our customers globally,” Ed Boyington, president and CEO of Vertex, said in a statement. “Our new mission critical offerings will further expand our relationship with the Department of Defense and government agencies and will provide access to new markets delivering state-of-the-art training to domestic and international equipment manufacturers.”
Following the transaction, Mississippi-based Vertex is now organized into two operating divisions, Aerospace & Defense Services, which includes the legacy Vertex Aerospace business, and Technology & Training Solutions, which includes the former RTC business lines. The four former business liens were Defense Training Solutions, Commercial Training Solutions, Mission Critical Solutions, and Modernization & Sustainment.
Vertex’ financial advisers on the deal were RBC Capital Markets and Morgan Stanley. RTC was advised by Evercore.