SRA International said Friday that shareholders have voted to approve the takeover by Providence Equity Partners. At the special meeting of shareholders, 94.7% of the total outstanding shares of SRA’s common stock, and 81.3% of the total outstanding shares of Class A common stock voted to approve the merger. SRA, in April, announced that Providence had agreed to pay $1.88 billion to buy SRA, a provider of technology and strategic consulting services.
SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations and commercial clients, today announced that SRA shareholders, at a special meeting held earlier today, approved the proposal to adopt the previously announced merger agreement, dated March 31, 2011, among SRA and affiliates of Providence Equity Partners providing for the acquisition of SRA by an affiliate of Providence. The approval included both the affirmative vote of the holders of (i) a majority of the outstanding shares of common stock of SRA and (ii) a majority of the outstanding shares of Class A common stock of SRA (excluding shares beneficially owned, whether directly or indirectly, by Dr. Ernst Volgenau, the chairman of the board of directors of SRA), as required by the merger agreement.
At the special meeting of shareholders, there were 155,260,518 shares voted by proxy or in person, representing 94.7% of SRA’s total outstanding shares as of the June 13, 2011 record date. 94.7% of the total outstanding shares of common stock of SRA, and 81.3% of the total outstanding shares of Class A common stock of SRA (excluding shares beneficially owned, whether directly or indirectly, by Dr. Volgenau), in each case, as of the record date, were voted to approve the proposal to adopt the merger agreement, which represented 99.9% and 99.7%, respectively, of the shares that were voted at the special meeting.
The consummation of the acquisition of SRA by an affiliate of Providence remains subject to the satisfaction or waiver of a number of customary closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission by SRA on June 15, 2011.
About SRA International, Inc.
SRA and its subsidiaries are dedicated to solving complex problems of global significance for government organizations and commercial clients serving the national security, civil government, health, and intelligence and space markets. Founded in 1978, the company and its subsidiaries have expertise in such areas as cyber security; disaster response planning; enterprise resource planning; environmental strategies; IT systems, infrastructure and managed services; learning technologies; logistics; public health preparedness; public safety; strategic management consulting; and systems engineering.
SRA and its subsidiaries employ approximately 7,000 employees serving clients from its headquarters in Fairfax, Va., and offices around the world. For additional information on SRA, please visit www.sra.com.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, information and education companies around the world. The principals of Providence manage funds with $23 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1989. Significant existing and prior investments include Altegrity, Archipelago Learning, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea Cellular, Kabel Deutschland, NexTag, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.