SRA sale to Providence Equity is completed

The $1.88 billion sale of SRA International Inc. to an affiliate of Providence Equity Partners has been completed, SRA announced July 20.

As previously announced, the all-cash transaction was approved by SRA shareholders at a special meeting of shareholders on July 15. SRA shareholders will receive $31.25 per share in cash.

With the consummation of the transaction, SRA common stock will be delisted from the New York Stock Exchange.

SRA will remain headquartered in Fairfax, Va., and maintain its offices around the world. SRA founder Ernst Volgenau will continue to serve as chairman of the SRA Board.

"We believe that Providence Equity will be an excellent partner," Volgenau said in the statement. "Their values and culture are consistent with our longstanding ethic of honesty and service. SRA has a bright future," he added.

Houlihan Lokey acted as financial adviser and Kirkland & Ellis LLP acted as legal adviser to the Special Committee of SRA's board of directors on the transaction. Citigroup Global Markets Inc., BofA Merrill Lynch and Goldman Sachs acted as financial advisors and Debevoise & Plimpton LLP served as legal counsel to Providence.