Fairfax City, Va based SRA International, Inc (NYSE: SRX), will be acquired and taken private by Providence Equity Partners of Providence, RI. The company was sold for $1.88 billion.
The government contractor said shareholders will receive $31.25 per share in cash and SRA International will be delisted from the New York Stock Exchange after the completion of the sale.
For now, SRA says it will remain in Fairfax and keep other offices where they currently are. The buyout was approved by at a special meeting by SRA shareholders on July 15th, 2011.
"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." said Julie Richardson, a Managing Director at Providence.
Providence Equity's shopping spree in the D.C. area continues, this is second acquisition by the private equity firm this month. On July 1, 2011, Washington, D.C. based Blackboard Inc, announced that it would be acquired by Providence in an all-cash deal valued at $1.64 Billion, shareholders will get $45.00 a share, which was a 21 percent premium over the April 18th, 2011 closing price of $37.16.
SRA International closed at $31.26 on Wednesday, July 20th 2011. The stock reached a 52-week high of $31.31.