Serco Group plc acquires SI International Inc

Tue. December 30, 2008; Posted: 05:08 AM

Dec 30, 2008 (TELECOMWORLDWIRE via COMTEX) -- SINT | Quote | Chart | News | PowerRating -- Serco Group plc, a service company, disclosed yesterday (29 December) that it has acquired SI International Inc (Nasdaq: SINT), an information services, technology and network solutions provider to the US government. A All regulatory approvals were received and customary closing conditions satisfied before the acquisition. SI International will be combined with the existing North American business of Serco, improving Serco's solutions delivery to the US federal government services market. A Serco North America and SI International will have combined annual revenue of USD1.3bn; Serco North America's offerings will include information technology, professional services, human capital management, engineering and logistics, national security and intelligence; the company will have improved information sharing, cyber security, systems engineering, program management, business process reengineering and homeland security;Aand with Serco North America and SI International having complementary customer bases, the combined company will serves all branches of the military such as the US Army, Air Force and Navy, different federal civilian agencies such as Department of Homeland Security, Department of State, the US Federal Aviation Administration, Federal Retirement Thrift Investment Board, the US Postal Service and the intelligence community. A Serco acquired SI International for USD32 per share in cash, at its fully diluted share capital at around USD422m, as per the terms of the definitive merger agreement and assumed SI International's net debt as well, taking the value of SI International to USD524m. Financed from multi-currency bank facilities, the acquisition is expected to be accretive to the company's adjusted earnings within its first year of ownership and the returns meet Serco's cost of capital in the third full year of ownership. The preliminary results of Serco for the full year ending 31 December 2008 will be disclosed on 26 February 2009.

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