Engility to Acquire Dynamics Research Corporation
Complementary Businesses Expand Market Opportunity with New Customers in High Priority Markets
Further Diversifies Engility’s Government Services Offerings and Access to Contract Vehicles
Expected to be Accretive to 2014 Earnings and Significantly Accretive to Earnings in 2015 and Beyond
Engility Holdings, Inc. (EGL) and Dynamics Research Corporation (“DRC” - NASDAQ:DRCO), today announced that they have entered into a definitive agreement under which Engility will acquire DRC. DRC is a U.S. government services, information technology and management consulting firm with leading capabilities in Healthcare, Homeland Security, Research & Development, Intelligence, Surveillance & Reconnaissance (ISR), Financial Regulation & Reform, and Defense Readiness, Logistics and Command, Control & Communications (C3).
Under the terms of the agreement, Engility will commence a tender offer for all outstanding shares of DRC common stock at a price of $11.50 in cash for each outstanding share. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to be accretive to Engility’s 2014 earnings and significantly accretive to 2015 earnings and beyond. The acquisition is anticipated to close during the first quarter of 2014, subject to customary closing conditions and regulatory approval.
Read more: Dynamics Research Corporation ( DRCO )
Published: 23 December 2013
Written by Editor