SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations, today announced the completion of its acquisition by an affiliate of Providence Equity Partners in an all-cash transaction.
As previously announced, the transaction was approved by SRA shareholders at a special meeting of shareholders held July 15, 2011. Pursuant to terms of the merger agreement, SRA shareholders will receive $31.25 per share in cash. With the consummation of the transaction, SRA common stock will be delisted from the New York Stock Exchange.
Dr. Ernst Volgenau, SRA Founder and Chairman, said, “We believe that Providence Equity will be an excellent partner. Their values and culture are consistent with our longstanding ethic of honesty and service. SRA has a bright future.”
Julie Richardson, a Managing Director at Providence, said, “We look forward to partnering with Ernst and the entire SRA team to help SRA achieve its tremendous potential as a leading innovator in the national security, civil government, health and intelligence sectors.”
SRA will remain headquartered in Fairfax, Va., and maintain its offices around the world. SRA Founder and Chairman Dr. Ernst Volgenau will continue to serve as Chairman of the SRA Board.
Holders of certificated shares of SRA common stock will receive a letter of transmittal and instructions on how to surrender their shares of SRA common stock in exchange for the merger consideration and should wait to receive the letter of transmittal and instructions before surrendering their shares. Shareholders of uncertificated shares of SRA common stock (i.e., holders whose shares are held in book entry form) will automatically receive their cash consideration as soon as possible after the effective closing date of the merger without any further action required on the part of such holders.
Houlihan Lokey acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Special Committee of SRA’s Board of Directors in connection with the transaction. The Avascent Group acted as strategic diligence advisor, Citigroup Global Markets Inc., BofA Merrill Lynch and Goldman Sachs acted as financial advisors and Debevoise & Plimpton LLP served as legal counsel to Providence in connection with the transaction.