Boeing (NYSE:BA) has hired an adviser to explore the sale of Insitu, its defense subsidiary specializing in long-range military drones, Bloomberg News reported Monday, citing sources familiar with the matter.
The move is part of Boeing's broader strategy to shed non-core assets and focus on its commercial and defense operations. Jefferies analysts estimate Insitu could be valued at around $500 million, with interest coming from private equity firms and corporate buyers.
Boeing acquired Insitu in 2008, and its drones, including the ScanEagle surveillance system, have been used by Ukraine's military in the war against Russia.
A Boeing spokeswoman declined to comment on the potential sale.
Boeing has been seeking to boost cash flow and reduce debt, previously testing interest in selling its Orca drone submarine business before deciding to keep it, according to Bloomberg News.
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