SAIC to Acquire Engility Holdings for $1.5B
Ticker: SAIC · Form: 8-K · Filed: May 31, 2024 · CIK: 1571123
| Field | Detail |
|---|---|
| Company | Science Applications International Corp (SAIC) |
| Form Type | 8-K |
| Filed Date | May 31, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.37 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, financing, 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 May 30, 2024, that it has entered into a definitive agreement to acquire Engility Holdings, Inc. for approximately $1.5 billion. This acquisition is expected to close in the third quarter of fiscal year 2025 and will be funded through a combination of cash on hand and debt financing.
Why It Matters
This significant acquisition by SAIC aims to expand its capabilities and market presence, potentially leading to increased competition and new service offerings in the government contracting sector.
Risk Assessment
Risk Level: medium — The acquisition involves a substantial amount of debt financing and integration risks, which could impact SAIC's financial performance and operational efficiency.
Key Numbers
- $1.5B — Acquisition Price (Total cost for acquiring Engility Holdings, Inc.)
Key Players & Entities
- Science Applications International Corporation (company) — Acquiring company
- Engility Holdings, Inc. (company) — Acquired company
- $1.5 billion (dollar_amount) — Acquisition price
- May 30, 2024 (date) — Announcement date
- third quarter of fiscal year 2025 (date) — Expected closing period
FAQ
What is the primary strategic rationale behind SAIC's acquisition of Engility Holdings?
The filing indicates the acquisition is intended to expand SAIC's capabilities and market presence, though specific details on the strategic rationale are not elaborated in this 8-K excerpt.
How will the acquisition of Engility Holdings be financed?
The acquisition will be funded through a combination of cash on hand and debt financing.
When is the acquisition of Engility Holdings expected to be completed?
The acquisition is expected to close in the third quarter of fiscal year 2025.
What is the total value of the transaction?
The definitive agreement is for approximately $1.5 billion.
Does this filing provide details on any potential synergies or cost savings from the acquisition?
This specific excerpt of the 8-K filing does not provide details on potential synergies or cost savings.
Filing Stats: 456 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-05-31 08:00:31
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-20240530.htm (8-K) — 30KB
- saic8k05302024-exhibit991.htm (EX-99.1) — 9KB
- saic1.jpg (GRAPHIC) — 4KB
- saic2.jpg (GRAPHIC) — 2KB
- 0001571123-24-000080.txt ( ) — 173KB
- saic-20240530.xsd (EX-101.SCH) — 2KB
- saic-20240530_lab.xml (EX-101.LAB) — 22KB
- saic-20240530_pre.xml (EX-101.PRE) — 13KB
- saic-20240530_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events On May 30, 2024, the Company's Board of Directors declared a cash dividend of $0.37 per share of the Company's common stock payable on July 26, 2024 to stockholders of record on July 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 May 31, 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: May 31, 2024 Science Applications International Corporation By: /s/ Hilary L. Hageman Hilary L. Hageman Executive Vice President, General Counsel and Corporate Secretary