Stockholders at Science Applications International Corp. (NYSE: SAIC) and Engility (NYSE: EGL) have approved at their respective meetings SAIC’s proposed $2.5B acquisition of the Chantilly, Va.-based engineering services contractor.
Holders of more than 98 percent of shares in SAIC voted Friday to approve a proposal to issue shares of common stock to Engility shareholders in relation to the pending transaction, while holders of over 99 percent of shares in Engility cleared the merger deal, the companies said in a joint release Friday.
SAIC agreed to buy Engility in September 2018 through an all-stock transaction in an effort to broaden its presence in space and intelligence sectors.
Engility stockholders will get 0.450 shares of SAIC’s common stock for each share they own upon the deal’s completion.
The companies announced in November 2018 that they expect to close the transaction on Feb. 1, subject to all customary closing conditions.