Raytheon finds buyer for global training & logistics unit

Raytheon Technologies has lined up a buyer for its roughly $1 billion-annual revenue global training and logistics unit that the company said in May was up for sale.

Vertex Aerospace said Friday it is that buyer of the business that houses Raytheon’s defense training, professional services, modernization and sustainment, and “mission critical solutions” business lines. Neither the terms of nor the timeline to close the transaction were disclosed.

In the year since its creation, Raytheon Technologies like so many others after a megamerger has gradually sold off business units seen as noncore to the combined company.

Raytheon completed its $1.5 billion sale of the Forcepoint commercial cybersecurity entity earlier this year in the largest example. The combined company also was required by antitrust regulators to sell a few other business units including the military GPS shop now part of BAE Systems Inc.

Vertex Aerospace is itself a carved-out entity, having been acquired three years ago by private equity firm American Industrial Partners from then-owner L3 Technologies (which later became L3Harris Technologies).

RBC Capital Markets and Morgan Stanley & Co. LLC are acting as financial advisers to Vertex and AIP, with Jones Day and Ropes & Gray the legal advisers and Baker Botts the regulatory counsel.  Evercore is the financial adviser to Raytheon with Wachtell, Lipton, Rosen & Katz the legal adviser.