GLOBAL, the former owner of and largest shareholder in GTEC (NASDAQ: GTEC), indicated it would use the proceeds from the planned sale of GTEC to pursue other opportunities in the market.
Ares and GTEC have a deal in place that would see the investment group acquire the firm for an estimated $315 million.
GLOBAL acquired GTEC (then SFA) in February 2007.
“The sale of GTEC is a very positive step forward for GLOBAL, and completes a very successful investment cycle, ” Founder and CEO Damian Perl said. “The sale proceeds will add to our already strong balance sheet and will allow for investment across the group, strengthening our overall business and enhancing our ability to support clients in tackling an increasingly complex range of threats to national security worldwide. I would like to wish the GTEC team well as they move across to Ares.”