By Lucia Maffei
The company formerly known as Raytheon is selling its Dulles, Virginia-based cybersecurity business for approximately $1.3 billion.
RTX Corp. (NYSE: RTX) said in its earnings report Tuesday it has entered into a definitive agreement to sell the cybersecurity, intelligence and services business within its Raytheon segment. The sale price is subject to regulatory approvals and other customary closing conditions.
CEO Greg Hayes said Tuesday morning that it will be an all-cash sale, but the company did not disclose the buyer.
The announced sales comes three months after French aircraft equipment manufacturer Safran made a $1.8 billion offer to acquire Collins Aerospace’s actuation and flight control systems business from RTX.
The two moves will generate approximately $3 billion in gross proceeds in 2024, Hayes told analysts.
“We regularly review our portfolio to ensure our business is best positioned to deliver for our customers, stakeholders and employees,” said a company spokesperson when asked to comment on the sale. “Based on that review, we decided to divest our Cybersecurity, Intelligence and Services business. We believe this gives the business greater autonomy to deliver on customer missions and allows it to serve as a platform for innovation well into the future.”
The cybersecurity division has about 2,200 employees in total, according to a spokesperson. Eleven of those employees are based in Massachusetts and will remain with Raytheon “until the sale closes, at which point they will transition to the new owner,” the spokesperson said.
Raytheon was based in Waltham for more than a century before moving its headquarters to Alexandria, Virginia in July 2022. It remains one of the Bay State’s largest employers, with 12,000 of its 180,000 global employees in Massachusetts.