Earlier this week, engineering and technical services contractor Engility Holdings agreed to purchase professional services provider TASC for $1.1 billion in stock. The deal is expected to close in the first quarter of 2015, pending shareholder votes as well as regulatory approvals.
Engility President and CEO Tony Smeraglinolo, who was the featured speaker at the August 2013 ACG Monthly Meeting, believes that “the combination of our two complementary businesses is transformational and represents a unique opportunity to create a top-tier government services company.” Mr. Smeraglinolo will stay on as President and CEO of the combined company.
ACG Board Director and SVP of Strategy and Corporate Development at Engility Craig Reed had the following to say about the acquisition: “This is transformational for Engility, TASC, and the government services market. The combination is going to be great for all of our stakeholders, including our customers, investors, and employees.”
TASC’s current President and CEO John Hynes will become Chief Operating Officer of the combined company. Engility Chairman Edward Boykin along with TASC Chairman Peter Marino will now serve as non-executive co-chairs.
Both firms are based in Chantilly, Virginia.