Alcatel-Lucent SA agreed to sell its LGS Innovations satellite-communications subsidiary for as much as $200 million, the network-equipment maker’s latest step in disposing of assets to reduce costs.

LGS, which also supplies optical routers and other secure- networking products and services to the U.S. security and defense industry, will be sold to a U.S. company owned by a Madison Dearborn Partners-led investor group that includes technology investor CoVant, Paris-based Alcatel-Lucent said in a statement.

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