Science Applications International Corp. (NYSE: SAIC) announced Monday its plans to acquire Engility Holdings Inc. (NYSE: EGL), in a deal valued at $2.5 billion.
If completed, the all-stock transaction will create the second largest independent technology integrator serving government clients.
“The highly complementary portfolios, combined with our similar cultures, operating models, and histories, make this transaction a compelling combination that enhances the value proposition for our customers, employees and shareholders,” commented Tony Moraco, SAIC’s chief executive officer, and a five-time Wash100 winner.
“Engility’s market-leading expertise in next-generation systems engineering and integration services, particularly among space, federal and intelligence customers, will augment SAIC’s strong mission, engineering and enterprise IT offerings to create a more comprehensive suite of capabilities serving a broader set of customers,” said Lynn Dugle, Engility’s chairman, CEO and president, and a two-time Wash100 winner.
SAIC and Engility expect the deal to close by February 1, 2019, the end of the fiscal fourth quarter. The combined company will add two board members from Engility’s board of directors.