Bid/Ask: Lock­heed Martin gets out of IT; Sony gets into chips

$5b

Bloomberg Businessweek (Asia) - - CONTENTS -

Lock­heed Martin off­loads its in­for­ma­tion tech­nol­ogy busi­ness.

The cash and stock deal with Lei­dos Hold­ings lets Lock­heed pocket $1.8 bil­lion tax-free as it sheds a unit fac­ing in­creas­ing com­pe­ti­tion from Sil­i­con Val­ley. The de­fense con­trac­tor, which bor­rowed to fi­nance its $9 bil­lion pur­chase of Siko­rsky Air­craft late last year, says it will use the money to re­pay debt, pay div­i­dends, and pos­si­bly buy back stock.

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