Defense giant RTX has announced the sale of its cybersecurity division for $1.3 billion to an undisclosed party.
Defense giant RTX has announced the sale of its cybersecurity division for $1.3 billion to an undisclosed party.
The transaction involving the Cybersecurity, Intelligence, and Services branch was revealed during RTX's third-quarter 2023 earnings report. The reported sales for this quarter amounted to $13.5 billion, marking a 21% drop compared to the same timeframe the previous year.
On October 24th, Reuters identified the potential buyer as the private equity group, Blackstone. However, this identity has not been independently confirmed. When approached for more details, an RTX representative declined to provide further information.
RTX promotes its cybersecurity branch as a safeguard for "the most pivotal data, systems, and operations, backed by state-of-the-art technology and top-tier professionals." Their suite of services spans from digital security solutions to secure communication tools.
Globally, RTX stands as the second-largest defense contractor based on defense-associated revenue, as per the Defense News Top 100 ranking.
Earlier in the year, the company, previously recognized as Raytheon Technologies, adopted the name RTX, mirroring its stock-market ticker symbol. The company's CEO, Greg Hayes, remarked that the name change was both "a tribute to our history and a glimpse into our future."
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