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Tuesday, October 28, 2014

Govt contractor Engility to purchase TASC for about $1.1 bln, (NYSE: EGL)

Engility Holdings Inc, a U.S. government contractor, said it would purchase privately held TASC, a provider of professional services, for about $1.1 billion, including debt. Engility, which provides skilled personnel services to the U.S. Department of Defense and Department of Justice among others, said the combined company would generate revenue of about $2.5 billion.TASC's clients include agencies dealing with national security and public safety.The all-stock deal, which will give 850 contracts to Engility, is expected to close in the first quarter of 2015.

Engility Holdings, Inc. (Engility) is a provider of systems engineering services, training, program management, and operational support for the United States Government worldwide. Shares of EGL traded higher by 3.78% or $1.37/share to $37.62. In the past year, the shares have traded as low as $30.19 and as high as $46.25. On average, 96352 shares of EGL exchange hands on a given day and today's volume is recorded at 86200.