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STG Targets June 30 Closing Date for Preferred Systems Solutions Deal

Government information technology services contractor STG Group has pushed back its plan to finalize purchase of Preferred Systems Solutions from the first quarter of 2017 to the end of June.

Reston, Virginia-based STG said Tuesday it raised the acquisition price of PSS to $119.8 million and offered to pay $925,000 in advance as a result of the delay.

STG announced in February that it agreed to buy the McLean, Virginia-based software engineering and computing firm for $119 million in a move to expand in intelligence community and national security markets.

The transaction comes as STG faces financial challenges based on its filings with the Securities and Exchange Commission, such as failure to meet requirements for senior secured leverage ratio and earnings before interest, taxes, depreciation and amortization, the report added.

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