Raytheon Acquires BBN Technologies

WALTHAM, Mass. (TheStreet) -- Raytheon(RTN Quote) is seeking to boost its involvement in military and intelligence with the acquisition of BBN Technologies.

Privately held BBN works in advanced networking, speech and language technologies, information sensor systems and cybersecurity for national defense and security missions.

The terms of the deal, which were not disclosed, are expected to close in the fourth quarter.

Raytheon said it expects the transaction to be lucrative in 2010, but to not affect the company's earnings per share or its revenue in the fourth quarter.

Shares of Raytheon slipped 1% to $46.63 in afternoon trading.

Separately, Raytheon was downgraded at Citi, which said the company's stock outperformance leaves rival Lockheed Martin(LMT Quote) more appealing.

-- Reported by Jeanine Poggi in New York.