Viasat To Sell Link 16 Tactical Data Links Business To L3Harris For $1.96 Bln
(RTTNews) - Viasat Inc. (VSAT), a global leader in satellite communications, announced Monday it has entered into a definitive agreement to sell its Link 16 Tactical Data Links (TDL) business to L3Harris Technologies, Inc. (LHX) for $1.96 billion, subject to customary transaction adjustments in accordance with the agreement.
The sale is expected to result in cash proceeds to Viasat of approximately $1.8 billion net after estimated taxes, fees, and other expenses.
Viasat's Link 16 Tactical Data Link business is part of its Government Systems segment. The sale includes the Multifunctional Information Distribution System (MIDS) platforms and associated next-generation Link 16 terminals and handheld radios, as well as the Link 16 to space business.
Viasat intends to use the proceeds of the Link 16 TDL sale to reduce net leverage and increase liquidity.
The Link 16 TDL sale is expected to close in the first half of calendar year 2023 and is subject to regulatory approvals and customary closing conditions. Viasat received approval for the Link 16 TDL sale from Inmarsat's equity sponsors.
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