CACI International (NYSE: CACI) has completed its $550 million cash acquisition of the National Security Solutions business from L-3 Communications (NYSE: LLL) as part of a growth strategy to target enterprise information technology and intelligence markets.
CACI said Monday it expects NSS, a mission services provider for the government sector, to contribute about $1 billion in annual revenue.
Ken Asbury, president and CEO of CACI, noted the company aims to pursue large contract opportunities in the federal IT marketplace following the acquisition.
Asbury discussed enterprise IT and intelligence market opportunities CACI sees through NSS with investors in December upon the deal’s initial announcement.
“The completion of the divestiture of NSS reflects our commitment to sharpening our focus on our core defense electronics, ISR and communications businesses, “Â Michael Strianese, L-3 chairman and CEO, said in a statement published Monday.
The transaction is also projected to be accretive in CACI’s earnings by at least 10 percent per share during its fiscal 2017.