Ares Management will pay about $222 million to buy Global Defense Technology & Systems Inc., Reuters reported. The deal, at $24.25 per share, represents a 51% premium over Global Defense’s closing price Wednesday. Including debt, the deal is valued at $315 million.
(Reuters) – Global Defense Technology & Systems Inc said it agreed to be acquired by Ares Management LLC for about $222 million.
The cash offer at $24.25 per share represents a premium of 51 percent over GTEC’s Wednesday closing price.
Including debt, the deal is valued at $315 million, GTEC said in a statement. (Reporting by Bijoy Koyitty; Editing by Maju Samuel)