DynCorp nearing $1 billion UK defense deal

DynCorp is entering the final phase of negotiations on a 10-year, $1 billion joint venture to provide the British Ministry of Defense with critical military support services, the company announced Dec. 18.

The deal is scheduled to close in first quarter 2003, the company said.

Under the strategic partnering project, the joint venture company Landmarc Support Services Inc. will manage all of the nonmilitary support for Britain's Army Training Estate and Defense Estate at 120 locations throughout the United Kingdom.

Landmarc Support Services Ltd. is a joint venture between DynCorp International Inc., a subsidiary of DynCorp of Reston, Va., and Interserve Ltd. of the United Kingdom. Both companies have an equal stake in the venture, DynCorp said.

The Army Training Estate and Defense Estate jointly provide vital land and facilities required for the country's armed forced to conduct sustainable training.

DynCorp is a provider of information technology and outsourcing services to government clients. The company has more than 23,000 employees and annual revenue of $2 billion. Computer Sciences Corp. recently announced it signed an agreement with DynCorp to purchase the company.