Satellite operator Viasat is selling a piece of its government business to defense contractor L3Harris, in a deal worth nearly $2 billon.
The Viasat unit brought in about $400 million in revenue over the past year, representing about 35% of the company's revenue from its government systems business.
The sale of the Link 16 TDL unit is expected to net Viasat about $1.8 billion after taxes and fees. The satellite operator said it plans to use the proceeds of the sale to reduce debt and increase its liquidity. The news comes as Viasat works to complete another major deal — its acquisition British satellite operator Inmarsat for more than $7 billion, expanding Viasat's broadband network in orbit.
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