Veritas Capital buys Lockheed Enterprise Integration Group
Sale predicated on avoidance of OCI rule, Lockheed says
- By David Hubler
- Oct 13, 2010
Lockheed Martin Corp. is selling its Enterprise Integration Group business to Veritas Capital for $815 million in cash.
EIG provides system engineering services, architecture, and integration services and support to a broad range of government customers.
Lockheed’s decision to divest EIG, which was announced June 2, is based on the government’s increased concerns about perceived organizational conflicts of interest, a company announcement released today states.
Divesting the business better positions it for growth, benefiting customers, shareholders and employees, according to the statement.
“The decision to divest EIG followed a comprehensive review of our portfolio to find ways to continuously provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders,” said Lockheed Martin Chairman and CEO Robert Stevens in the announcement.
The transaction is expected to close by the end of this year.
Lockheed Martin Corp., of Bethesda, Md., ranks No. 1
on Washington Technology’s 2010 Top 100 list
of the largest federal government contractors.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.