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SAIC Signs Definitive Agreement to Sell Its Logistics and Supply Chain Management Business to ASRC Federal for $350 Million
RESTON, Va.--(BUSINESS WIRE)-- Science Applications International Corp. (NYSE: SAIC) announced today that it has signed a definitive agreement to sell its
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[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nScience Applications International Corp. (NYSE: SAIC) announced today that it has signed a definitive agreement to sell its logistics and supply chain management business to ASRC Federal Holding Company, LLC (“ASRC Federal”), a subsidiary of Arctic Slope Regional Corporation, for $350 million in cash. The transaction is expected to close in the first half of SAIC’s fiscal year 2024, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals.\n\n“Today’s announcement represents a milestone in SAIC’s priority to shape our portfolio and advance our strategy,” said Nazzic Keene, Chief Executive Officer at SAIC. “The agreement allows for seamless transition and continued support for the logistics and supply chain management business and their important customer missions, while enabling SAIC to concentrate resources in our Growth & Technology Accelerant areas of focus. These areas include Secure Cloud, Enterprise IT and Systems Integration & Delivery which now account for more than 30% of SAIC revenue.”\n\nSAIC’s logistics and supply chain solutions are used by the Defense Logistics Agency to manage multiple supply chains for the agency’s customers. Approximately 240 employees will transition to ASRC Federal upon close of the sale.\n\nJefferies LLC served as the exclusive financial advisor and King & Spalding LLC served as legal counsel to SAIC. Gibson, Dunn & Crutcher LLP served as legal counsel to ASRC Federal.\n\nAbout SAIC\n\nSAIC® is a premier Fortune 500® technology integrator driving our nation’s technology transformation. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in engineering, digital, artificial intelligence and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective and efficient solutions that are critical to achieving our customers' missions. We are approximately 26,000 strong; driven by mission, united by purpose, and inspired by opportunities. SAIC is an Equal Opportunity Employer, fostering a culture of diversity, equity and inclusion, which is core to our values and important to attract and...
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