News of the Week: Engility Buys TASC for More Than $1 Billion
This week GovCon Wire reported on a deal where Chantilly, Va.-based Engility will buy TASC for $1.1 billion.
- (1888PressRelease) October 30, 2014 - GovConWire reports news about the government contracting industry every week and there are always highlights that top the list.
"We view this as a transformational deal for both Engility and TASC," said Tony Smeraglinolo, president and chief executive of Engility.
The combined company is expected to employ a total of 11,000 employees, with 4,000 in the Washington D.C. area and a combined revenue of about $2.5 billion.
"The combination is going to be great for our all of our stake holders, including our customers, investors and employees," Craig Reed, SVP of strategy and corporate development at Engility.
Engility expects the deal to increase its earnings per share in 2016 and will assume $613 million in TASC's net debt.
The deal is expected to close in the first quarter of 2015.
John Hynes, current president and CEO of TASC, will become chief operating officer of the combined company and Engility estimates its defense business to represent 48 percent of its portfolio after the deal closes.
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EM publishes daily news covering the GovCon sector: GovConWire, ExecutiveBiz, GovConExecutive, ExecutiveGov and GovConExec.
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