SI International Inc and Serco Inc sign a definitive merger agreement

Thu. August 28, 2008; Posted: 11:44 AM

Aug 28, 2008 (M2 EQUITYBITES via COMTEX) -- SINT | Quote | Chart | News | PowerRating -- SI International Inc (Nasdaq: SINT), a company that provides information services, technology and network solutions, revealed on 27 August that it has signed a definitive merger agreement with Serco Inc. SI International will be acquired by Serco for USD32 per share in cash, or total purchase price of around USD423m and it's debt of USD87.3m, net of cash as on 28 June 2008 will also be assumed by Serco. The per share purchase price represents a premium of 40% over SI International closing stock price on 26 August 2008. The proposed transaction has been unanimously approved by the board of directors of both companies. The transaction will be the second such in three years for the North American division of Serco and the combined company will reach the USD1bn tier of federal contractors in the US. The transaction is expected to close by the end of 2008 and is subject to approval of SI International's shareholders at a special meeting to be scheduled at a later date, regulatory approvals and customary closing conditions. A USD6bn revenue international management services company, Serco enables government, military and commercial customers to improve processes, achieve mission objectives and exceed public service expectations. Serco Inc (http://www.serco-na.com), its North American unit, designs and delivers human capital management, engineering/logistics, economic cost analysis, integrated lifecycle transportation management solutions to military, federal civil agencies, state and local government and commercial customers.

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