SRA International Inc., the provider of computer services to the U.S. government, agreed to be bought by Providence Equity Partners Inc. for $1.88 billion in cash.
Providence Equity will pay $31.25 a share, Fairfax, Va.-based SRA said on Friday in a regulatory filing. That’s a 10 percent premium to SRA’s closing price on Thursday.
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SRA, which started looking for a possible buyer in October, helps government agencies in areas such as national security, disaster response planning and information systems. The company will continue to be led by its existing management team.
The companies said they expect to complete the deal in the fiscal quarter beginning July 1. SRA has 30 days to solicit other acquisition proposals, the companies said. Founded in 1978, SRA employs 7,300 people.
Providence Equity’s largest buyouts include the $15.3 billion takeover in 2006 of Danish telephone company TDC A/S, in which it teamed up with Apax Partners Worldwide LLP, Blackstone, KKR & Co. and Permira Advisers Ltd. It also participated in the acquisition of Univision Communications Inc. in 2007 for $12.3 billion.
SRA fell 24 cents to $28.36 in New York Stock Exchange composite trading on Thursday. The stock has gained 39 percent this year.
