Connect with us

International Circuit

Leonardo to sell satellite business GES to SES for $450 million

Italian defence group Leonardo said on Tuesday its U.S. unit DRS had agreed to sell its satellite communications business GES to SES for $450 million, gross of taxes, to optimise its portfolio and focus on its core business.

Closing of the deal is expected for the second half of 2022, Leonardo added in a statement, confirming its net debt guidance for this year at around 3.1 billion euros ($3.40 billion).

GES is the largest provider of commercial satellite communications to the U.S. government and also supplies satellite communications and security solutions to customers across the world, Leonardo said. Euro News

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021.Broadcast and Cablesat

error: Content is protected !!