SRA International to merge with CSC government services unit
CSC said Monday that it has agreed to combine its government services unit with SRA International. Fairfax, Virginia-based SRA is owned by Providence Equity Partners and SRA's founder, Dr. Ernst Volgenau, as well as members of its management team. The combined company will be a IT services provider serving the U.S. government sector, with combined FY15 revenues of about $5.5 billion and nearly 19,000 employees. SRA shareholders, including Providence, Volgenau and members of SRA management, will own 15.32 percent of the combined company and receive $390 million in cash. MUFG, through The Bank of Tokyo-Mitsubishi UFJ, Ltd., and RBC Capital Markets are providing debt financing.
31 August 2015•7 mins read
