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General Atlantic and KKR to sell TASC to Engility for about $1.1 bln

U.S. government contractor Engility has agreed to buy Virginia-based defense contractor TASC from General Atlantic and KKR for about $1.1 billion in stock.

The acquisition, which also includes assumption of debt, is slated to close in the first quarter of 2015.

[contextly_sidebar id=”nYSJxIdwQNEPkt73zl1Q9fZB3vvxIf87″]Barclays and Lazard served as financial advisors to Engility on the deal while Jefferies provided financial advice to TASC.

In December 2009, TASC was spun off from defense contractor Northrop Grumman and sold to General Atlantic and KKR for $1.65 billion.

John Hynes currently serves as president and CEO of TASC.

Photo courtesy of Sergey Kamshylin/Shutterstock.com