An Italian Defence Group, Leonardo, has disclosed on Tuesday that its U.S unit DRS has agreed to sell its satellite communications business, GES to SES for $450 million.
The development was made so as to optimise its portfolio and focus on its core business.
In a statement released by the Group, it stated that closing of the deal is expected for the second half of 2022. It also confirmed its net debt guidance for this year at around 3.1 billion euros estimated at $3.40 billion.
Leonardo further stated that GES is the largest provider of commercial satellite communications to the U.S government and also supplies satellites communications and security solutions to customers across the world.
