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Parsons Sets IPO Share Price at $26 to $28

Parsons (NYSE: PSN) is selling 18,518,500 shares of common stock at a target price of $26 to $28 per share through an initial public offering. The company said Monday it expects to grant underwriters a 30-day option to buy up to 2,777,775 additional shares. BofA Merrill Lynch, Morgan Stanley and …

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Parsons Announces Submission of Registration Statement for Proposed IPO

Parsons has submitted to the Securities and Exchange Commission a registration statement for its planned initial public offering. The company said Friday it plans to trade on the New York Stock Exchange using the ticker symbol “PSN” and details about the price range and number of shares to be put …

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Defense Firms Report Impact of Gov’t Shutdown, Expect Military Funding Increase for Fiscal 2020

Major defense primes General Dynamics (NYSE: GD), Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC) did not experience “notable” impacts from the 35-day partial government shutdown, Wells Fargo Securities reported Friday. The investment bank added that Booz Allen Hamilton (NYSE: BAH) projected a March quarter impact of nearly $20M in revenue, while …

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PSC’s David Berteau: Trump’s Move to Reopen Gov’t an Initial Step to Longer-Term Agreement

David Berteau, president and CEO of the Professional Services Council, has said President Donald Trump’s move to sign a measure to temporarily reopen federal agencies affected by the partial government shutdown through Feb. 15 is a “critically important first step.” The move “shows the beginning of finding common ground to a …

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Cerberus to Acquire Sparton; Tarek Ajouz Quoted

New York-based private equity firm Cerberus Capital Management has agreed to pay $18.50 in cash for each outstanding share of Sparton’s (NYSE: SPA) common stock. Sparton said Wednesday its board of directors cleared the transaction, which is expected to conclude in the first quarter of calendar year 2019. Tarek Ajouz, a managing director …

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Kavitha Prabhakar Named Deloitte Civil Gov’t Sector Lead

Kavitha Prabhakar, a principal at Deloitte’s consulting business, has been appointed to lead the civil government practice of the professional services company. She will oversee the unit composed of more than 3,000 practitioners who support 22 federal agencies and succeeds Diane Murray, who has taken a new role as delivery excellence leader for Deloitte, …

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On Assignment Changes Name to ASGN as $775M ECS Federal Buy Closes

On Assignment concurrently wrapped up its $775 million purchase of Fairfax, Virginia-based information technology services provider ECS Federal and adopted the name ASGN Inc. (NYSE: ASGN) to reflect the combined entity’s business. The companies first announced the transaction in January and ASGN said Monday ECS will continue its operations under the same brand …

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On Assignment Plans $775M ECS Federal Acquisition; Peter Dameris, George Wilson Comment

On Assignment (NYSE: ASGN) has agreed to purchase Fairfax, Virginia-based technology and engineering firm ECS Federal for $775 million from majority owner Roy Kapani and investment company Lindsay Goldberg. ECS and its current leadership team will continue to operate under its brand name as a division of On Assignment, the …

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Ultra Electronics Agrees to Purchase Sparton

U.K.-based defense and aerospace equipment manufacturer Ultra Electronics has agreed to acquire Schaumburg, Illinois-based electromechanical technology provider Sparton  (NYSE: SPA). Sparton said Friday the transaction is valued at $23.50 per share and that it expects to complete the sale by Jan. 1, 2018. Joseph Hartnett, interim president and CEO of Sparton, said the deal …

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HIG Capital Inks $283M Cash Deal for NCI; Paul Dillahay Comments

Global private equity firm H.I.G. Capital has agreed to acquire Reston, Virginia-based government information technology services provider NCI (Nasdaq: NCIT) for approximately $283 cash, or $20 per share. NCI said Monday its board of directors unanimously approved the proposed sale and that founder and Chairman Charles Narang will tender all of …

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