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Reuters: Veritas Capital Bids to Acquire BAE’s US Staffing, IT Services Businesses

acquisition,  merger

(NOTE: This summary was published prior to BAE Systems PLC’s announcement that it would not undertake the sale described in this story. Please click here to read our subsequent report on that announcement)

Veritas Capital is in advanced negotiations to purchase BAE Systems‘ business units that offer manpower and information technology services to the U.S. government market, Reuters reported Wednesday.

Mike Stone and Greg Roumeliotis write the investment firm currently explores potential sources of funds to pay for the businesses that Reuters said BAE wants to sell for more than $1 billion.

BAE launched a strategic review of its U.S.-based staffing and services portfolio in April and Reuters quoted BAE CEO Ian King as saying a transaction “will only occur if it creates value for our shareholders.”

Veritas submitted a bid after BAE ended discussions to sell those assets to Leidos (NYSE: LDOS), Stone and Roumeliotis report.

The Veritas portfolio includes technology services contractors Vencore and Alion Science and Technology.

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