Ed Boyington, president and CEO of Vertex, said in a statement published Friday he looks forward to welcoming over 2,000 employees of the Raytheon business unit and expects the transaction to help enhance Vertex’s capabilities and accelerate strategy to deliver a comprehensive suite of platforms to clients worldwide.
Raytheon’s defense training and mission critical solutions unit posted approximately $1 billion in 2020 sales and provides training and sustainment products and services to defense and commercial aerospace sectors. The unit is composed of four business lines: defense training; professional services; mission critical solutions; and modernization and sustainment.
Madison, Mississippi-based Vertex Aerospace has approximately 3,500 employees across 100 locations worldwide delivering aftermarket aerospace support services for over 2,400 rotary- and fixed-wing aircraft. In 2018, private equity firm American Industrial Partners acquired Vertex from L3 Technologies, which now operates as L3Harris Technologies (NYSE: LHX).
RBC Capital Markets and Morgan Stanley & Co. serve as financial advisers to Vertex and AIP in the deal, while Ropes & Gray and Jones Day act as legal advisers. Baker Botts serves as regulatory counsel to Vertex and AIP.
Evercore and Wachtell, Lipton, Rosen & Katz serve as financial and legal advisers, respectively, to Raytheon in the transaction.
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