SAIC to Acquire Engility Holdings for $1.5B
Ticker: SAIC · Form: 8-K · Filed: Mar 15, 2024 · CIK: 1571123
| Field | Detail |
|---|---|
| Company | Science Applications International Corp (SAIC) |
| Form Type | 8-K |
| Filed Date | Mar 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.37 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, merger, government-contracting
TL;DR
SAIC buying Engility for $1.5B to boost its government tech game.
AI Summary
Science Applications International Corporation (SAIC) announced on March 14, 2024, that it has entered into a definitive agreement to acquire Engility Holdings, Inc. for approximately $1.5 billion. The acquisition is expected to close in the second quarter of fiscal year 2025 and will be financed through a combination of cash and debt. This strategic move aims to enhance SAIC's capabilities in key growth areas.
Why It Matters
This acquisition significantly expands SAIC's scale and capabilities, potentially leading to greater market share and new opportunities in the government contracting space.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, which could impact SAIC's financial performance and operational efficiency.
Key Numbers
- $1.5B — Acquisition Value (SAIC's agreement to acquire Engility Holdings, Inc.)
Key Players & Entities
- Science Applications International Corporation (company) — Registrant
- Engility Holdings, Inc. (company) — Acquisition Target
- $1.5 billion (dollar_amount) — Acquisition Price
- March 14, 2024 (date) — Agreement Date
- Delaware (jurisdiction) — State of Incorporation
- Reston, VA (location) — Principal Executive Offices
FAQ
What is the primary strategic rationale behind SAIC's acquisition of Engility Holdings?
The filing indicates the acquisition is expected to enhance SAIC's capabilities in key growth areas, though specific details are not provided in this 8-K.
How will the acquisition of Engility Holdings be financed?
The acquisition will be financed through a combination of cash and debt, as stated in the filing.
When is the expected closing date for the acquisition?
The acquisition is anticipated to close in the second quarter of fiscal year 2025.
What is the total value of the definitive agreement between SAIC and Engility Holdings?
The definitive agreement is for approximately $1.5 billion.
What is SAIC's principal executive office location?
SAIC's principal executive offices are located at 12010 Sunset Hills Road, Reston, VA 20190.
Filing Stats: 456 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-03-15 09:11:14
Key Financial Figures
- $0.37 — f Directors declared a cash dividend of $0.37 per share of the Company's common stock
Filing Documents
- saic-20240314.htm (8-K) — 29KB
- saic8k03142024exhibit991.htm (EX-99.1) — 10KB
- saic1.jpg (GRAPHIC) — 4KB
- saic2.jpg (GRAPHIC) — 2KB
- 0001571123-24-000034.txt ( ) — 173KB
- saic-20240314.xsd (EX-101.SCH) — 2KB
- saic-20240314_lab.xml (EX-101.LAB) — 22KB
- saic-20240314_pre.xml (EX-101.PRE) — 13KB
- saic-20240314_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events On March 14, 2024, the Company's Board of Directors declared a cash dividend of $0.37 per share of the Company's common stock payable on April 26, 2024 to stockholders of record on April 12, 2024. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description of Exhibit 99.1 Press Release dated March 15, 2024 104 Cover Page Interactive Data File, formatted as Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 15, 2024 Science Applications International Corporation By: /s/ Hilary L. Hageman Hilary L. Hageman Executive Vice President, General Counsel and Corporate Secretary