By Lisa Kerner
Charlotte, N.C., Dec. 24 - BAE Systems Inc. agreed to acquire MTC Technologies, Inc. for $24 cash per share in a deal valued at some $450 million, including the assumption of net debt of $81 million.
The transaction is slated to close in the first half of 2008.
BAE Systems said the merger is consistent with the company's strategy to grow its worldwide services businesses.
MTC Technologies will become part of BAE Systems' customer solutions operating group based in Arlington, Va., as part of the company's technology solutions and services line of business.
"This acquisition helps us become an even more effective prime contractor and provider of technical solutions and services, which means we will have a greater capability to meet our customers' most demanding needs, specifically in the areas of readiness and sustainment," BAE Systems president and chief executive officer Walt Havenstein said in a company news release.
Dayton, Ohio-based MTC Technologies provides technical and professional services and equipment integration and modernization for the U.S. military and intelligence agencies.
BAE Systems plc is a London-based defense contractor. BAE Systems Inc. is based in Rockville, Md.
| Acquirer: | BAE Systems Inc.
|
| Target: | MTC Technologies, Inc.
|
| Announcement date: | Dec. 24
|
| Transaction total: | $450 million
|
| Price per share: | $24.00
|
| Expected closing: | First half of 2008
|
| Stock price of target: | Nasdaq: MTCT: $17.78 on Dec. 21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
