RESTON, Va. & CHANTILLY, Va.--(BUSINESS WIRE)--Science Applications International Corp. (NYSE: SAIC) today announced
the successful completion of its merger with Engility Holdings, Inc.
(NYSE: EGL). The merger was previously
approved by SAIC and Engility stockholders at special meetings held
on Jan. 11, 2019. Under the terms of the merger agreement, Engility
became a wholly-owned subsidiary of SAIC.
The combined company will retain the SAIC name and continue to be
headquartered in Reston, Virginia with Tony Moraco as CEO.
“With the acquisition
of Engility, we are now a team of 23,000—driven by mission, united
by purpose and inspired by opportunity,” said Moraco. “Add to that five
consecutive quarters of organic revenue growth for SAIC and the trend is
clear—we’re thriving. We are now a bigger, stronger company executing
our long-term strategic plan, dedicated to exceeding customer
expectations and driving shareholder value.”
Each eligible share of Engility common stock issued and outstanding
immediately prior to the effective time of the merger was converted into
the right to receive 0.450 of a share of SAIC common stock, with cash
paid in lieu of any fractional shares. As a result of the merger,
Engility’s common stock will no longer be listed for trading on the New
York Stock Exchange and Engility will no longer have reporting
obligations under the Securities Exchange Act of 1934.
About SAIC
SAIC is a premier technology integrator solving our nation’s most
complex modernization and readiness challenges across the defense,
space, federal civilian, and intelligence markets. Our robust portfolio
of offerings includes high-end solutions in systems engineering and
integration; enterprise IT, including cloud services; cyber; software;
advanced analytics and simulation; and training. With an intimate
understanding of our customers’ challenges and deep expertise in
existing and emerging technologies, we integrate the best components
from our own portfolio and our partner ecosystem to rapidly deliver
innovative, effective, and efficient solutions.
We are a team of 23,000 strong driven by mission, united purpose, and
inspired by opportunity. Headquartered in Reston, Virginia, SAIC has
annual revenues of approximately $6.5 billion. For more information,
visit saic.com. For
ongoing news, please visit our newsroom.
Forward-Looking Statements
Certain statements in this release contain or are based on
“forward-looking” information within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by words such as “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,”
and similar words or phrases. Forward-looking statements in this release
may include, among others, estimates of future revenues, operating
income, earnings, earnings per share, charges, total contract value,
backlog, outstanding shares and cash flows, as well as statements about
future dividends, share repurchases and other capital deployment plans.
Such statements are not guarantees of future performance and involve
risk, uncertainties and assumptions, and actual results may differ
materially from the guidance and other forward-looking statements made
in this release as a result of various factors. Risks, uncertainties and
assumptions that could cause or contribute to these material differences
include those discussed in the “Risk Factors,” “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and
“Legal Proceedings” sections of our Annual Report on Form 10-K, as
updated in any subsequent Quarterly Reports on Form 10-Q and other
filings with the SEC, which may be viewed or obtained through the
Investor Relations section of our website at
www.saic.com
or on the SEC’s website at
www.sec.gov
.
Due to such risks, uncertainties and assumptions you are cautioned not
to place undue reliance on such forward-looking statements, which speak
only as of the date hereof. SAIC expressly disclaims any duty to update
any forward-looking statement provided in this release to reflect
subsequent events, actual results or changes in SAIC’s expectations.
SAIC also disclaims any duty to comment upon or correct information that
may be contained in reports published by investment analysts or others.
