Cerberus Capital Management, L.P. (owner of DynCorp International ) announced a definitive agreement with Navistar International Corporation (NYSE: NAV) under which certain affiliates of Cerberus will acquire a 70% interest in Navistar’s defense business, Navistar Defense, LLC.
Headquartered in Lisle, Illinois, Navistar Defense is a leading tactical wheeled vehicle original equipment manufacturer serving military, law enforcement, and government agencies worldwide.
Navistar Defense provides a complete portfolio of both tactical and commercial off-the-shelf military vehicles, as well as custom-tailored lifecycle support solutions to a global customer base.
Since 2004, Navistar Defense has delivered approximately 37,000 vehicles across 28 countries and has access to Navistar’s global dealer network across 90 countries.
The transaction is subject to customary closing conditions and is expected to close in 2018.