Northrop Grumman Completes Sale of IT Services Business to Veritas Capital for $3.4 Billion
01 Février 2021 - 3:00PM
Northrop Grumman Corporation (NYSE: NOC) has closed the sale of its
IT services business to Peraton, an affiliate of Veritas, for $3.4
billion in cash.
Northrop Grumman expects to use the sale proceeds primarily for
share repurchases, to offset dilution from the transaction, and for
debt retirement. As noted on the company’s January 28, 2021
earnings call, neither the book gain nor various fees associated
with this transaction are included in its 2021 financial
guidance.
Northrop Grumman solves the toughest problems in space,
aeronautics, defense and cyberspace to meet the ever evolving needs
of our customers worldwide. Our 97,000 employees define possible
every day using science, technology and engineering to create and
deliver advanced systems, products and services.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this press release contain or may contain
statements that constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “will,” “expect,” “anticipate,” “intend,” “may,”
“could,” “should,” “plan,” “project,” “forecast,” “believe,”
“estimate,” “guidance,” “outlook,” “trends,” “goals” and similar
expressions generally identify these forward-looking statements.
Forward-looking statements include, among other things, statements
relating to the expected benefits of the sale of the business and
use of sale proceeds. Forward-looking statements are based upon
assumptions, expectations, plans and projections that we believe to
be reasonable when made, but which may change over time. These
statements are not guarantees of future performance and inherently
involve a wide range of risks and uncertainties that are difficult
to predict. Specific risks that could cause actual results to
differ materially from those expressed or implied in these
forward-looking statements include, but are not limited to: those
identified and discussed more fully in the section entitled “Risk
Factors” in the Form 10-K for the year ended December 31, 2020 and
from time to time in our other filings with the Securities and
Exchange Commission; the risk that the sale may not achieve the
expected benefits or that the sale proceeds will not be used for
their intended purposes; the possibility of business disruption
following the sale; the risk that management time may be diverted
on sale-related issues; the reaction of customers and other third
parties to the sale and related transactions and post-closing
arrangements; and other events or circumstances that could
adversely impact the sale and related transactions, including the
ongoing COVID-19 pandemic and other industry, political or economic
conditions outside of our control. You are urged to consider
the limitations on, and risks associated with, forward-looking
statements and not unduly rely on the accuracy of forward-looking
statements. These forward-looking statements speak only as of
the date when made, and the Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by applicable law.
Contact: |
Tim Paynter
(Media) 703-280-2720 (office)timothy.paynter@ngc.com |
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Todd Ernst (Investors)703-280-4535
(office)todd.ernst@ngc.com |
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