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Oct 13, 2010 8:45 AM by Associated Press

Lockheed Martin to sell EIG unit for $815M

Lockheed Martin says it has agreed to sell its enterprise integration group to the private equity firm Veritas Capital for $815 million in cash.

Lockheed Martin, which is based in Bethesda, Maryland, announced its plan to sell the group in June along with the Pacific Architects and Engineers unit to avoid potential problems over new government regulations for defense contractors. Lockheed concluded the enterprise integration unit could pose conflicts of interest.

The unit provides system engineering services, architecture and integration services for government customers.

Completion of the deal is subject to an antitrust review and other conditions, but it is expected to close by the end of this year.

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