Engility’s $1.1 billion acquisition of TASC proceeds
Chantilly-based Engility Holdings Inc. has cleared a hurdle in its plan to acquire professional services firm TASC for $1.1 billion.
The Federal Trade Commission has ended early a required waiting period in the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Termination of the waiting period was one of the conditions that had to be satisfied in closing the deal.
Engility is a government services contractor. Privately held TASC, which also is based in Chantilly, provides services to national security and public safety customers.
The companies announced a definitive agreement allowing the acquisition in late October. The $1.1 billion all-stock transaction includes the assumption of debt.
In addition to meeting antitrust provisions, the deal is also subject to the approval of the stockholders at both Engility and TASC, consummation of the contemplated financing, and other customary closing conditions.
The transaction is expected to close during the first quarter of 2015.