SRA International (NYSE: SRX) has agreed to a definitive merger agreement to be acquired by an affiliate of Providence Equity Partners in an all-cash transaction valued at $1.88 billion.
As part of the agreement, SRA shareholders will receive $31.25 in cash for each share of common stock.
The firm’s board of directors unanimously approved the decision, recommending shareholders approve the move. Founder and Chairman Dr. Ernst Volgenau abstained.
“We believe in the merits of this transaction, which serves the best interests of our shareholders, as well as those of our 7, 300 employees and more than 1, 400 contracts with customers, ” Volgenau said. “We also look forward to partnering with Providence, whose values and culture are consistent with SRA’s longstanding ethic of honesty and service. We believe these characteristics are critical as we continue to build SRA and sustain its competitive positioning for the future.”