SAIC to acquire Engility

0
179

Science Applications International Corp (NYSE: SAIC) revealed on September 10 that it has come to an agreement to acquire Engility Holdings Inc (NYSE: EGL) in a transaction worth $2.3b, including Engility’s debt. The deal is expected to be completed early next year upon approval from shareholders from both companies. Guggenheim Sec/Morgan Stanley served as financial advisers to EGL with Stone Key Partners/Citigroup serving as financial advisers to SAIC. Shearman & Sterling also served as legal adviser to SAIC. Science Applications International Corp’s shareholders will own 72% of the company and SAIC’s board will grow from nine to 11 seats. Engility shareholders will gain $40.44 in SAIC stock for each of their shares. The deal is expected to result in a workforce of 23,000 employees as well as a free cash flow of approximately $375 million for SAIC. This increased workforce will allow SAIC to serve a larger customer base in addition to modernizing its information systems.

LEAVE A REPLY

Please enter your comment!
Please enter your name here