L3 closes Vertex divestiture

L3 Technologies has closed the divestiture of Vertex Aerospace and two other businesses on the heels of the defense contractor's first acquisition of this year to continue its evolution.

American Industrial Partners has acquired those units for $540 million in cash, L3 said Tuesday.

The sale comes nearly seven months after L3 first announced it would look to sell those businesses as part of a continuing effort to become a more technology-focused, "nontraditional sixth prime" aligned with the National Defense Strategy released over the winter.

New York City-based L3 made eight acquisitions and earlier this week announced its first buy of this year so far in space technology company Applied Defense Solutions.

L3 spent $317 million on acquisitions last year and CEO Chris Kubasik said in a May earnings call with investors the company could spend at least $300 million on deals again this year.

Vertex performs aviation logistics and supply chain management services, while Crestview Aerospace is a rotary aircraft component provider and TCS focuses on engineering services and logistics support.