By The Associated Press
Wednesday, September 2, 2009
Military contractor Raytheon Co. is planning to buy BBN Technologies, a privately held Cambridge firm, now known for its advanced networking and speech and language technologies.
Terms of the deal were not disclosed on Tuesday. Raytheon, based in Waltham, Mass. expects the acquisition to close by the end of the year.
BBN was founded in 1984 by Massachusetts Institute of Technology professors Richard Bolt and Leo Beranek and MIT graduate Robert Newman.
It got its start with a contract to do acoustic-design work in the General Assembly Hall of the United Nations building in New York City. The company has about 700 employees in seven U.S. facilities.
Shares of Raytheon fell 19 cents to $46.37 in afternoon trading.
