Raytheon Technologies (now RTX) has announced that it is selling its cybersecurity and intelligence division to an undisclosed buyer for $1.3 billion.
The move comes after the company reported a 21-percent decline in total sales for the third quarter of 2023.
According to Raytheon, its cybersecurity and intelligence unit provides improved protection of critical information systems and operations through state-of-the-art technologies and world-class talent.
Its offerings range from digital security services to secure communications products.
A recent report by Reuters stated that the buyer is the New York-based private equity firm Blackstone. However, the company has not yet responded to inquiries.
‘A Platform for Innovation’
Raytheon stated on its website that its cybersecurity unit provides work that aligns with the US intelligence community, homeland defense, and homeland security priorities.
With over 2,000 employees, the division performs special intelligence missions, software modernization, and offensive cyber that informs defensive cyber solutions.
According to company chief executive Greg Hayes, the decision to sell one of its assets was also prompted by the result of a recent review of Raytheon’s portfolio to ensure that the business is still best positioned to deliver for its customers.
“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,” he said.