Francisco Partners Management, L.P. entered into a definitive agreement to acquire Forcepoint LLC from Raytheon Company for approximately $1.1 billion on October 19, 2020. The purchase price is subject to customary closing adjustments. Debt financing for this transaction was provided by Credit Suisse. As of December 31, 2019 Forcepoint reported sales of $658 million and an operating profit of $8 million. The transaction is subject to subject to satisfaction of customary closing conditions, including regulatory approvals. The transaction is expected to close by the end of the first quarter of 2021. As per the earnings call on October 27, 2020, the transaction is expected to completed in the next 3 to 4 months. The proceeds from the sale will be used by Raytheon for share buyback in 2021. Paul Hastings and Kirkland & Ellis acted as legal advisors to Francisco Partners. The Paul Hastings team was led by Jeffrey Wolf and Mike Kennedy, and also included Ziemowit Smulkowski, Dan Stellenberg, Scott Flicker, Sherrese Smith, Charles Patrizia, Suzanne Horne, and Todd Schneider; of counsels Michael Wise and Jennifer Riddle, Barclays acted as exclusive financial advisor and William H. Aaronson, Brian Wolfe, Pritesh P. Shah, Jeffrey P. Crandall, William A. Curran and Hilary Dengel of Davis Polk & Wardwell LLP acted as legal advisor to Raytheon Technologies Corporation, parent of Raytheon Company.