Employees take over Scitor

Employees of Scitor Corp., a provider of high-technology services to the U.S. intelligence community and the Department of Defense, have acquired all of the company's common stock.

The Herndon, Va.-based company declined to disclose the purchase price of the leveraged employee buyout. A majority of Scitor's 800 employees elected to transfer funds from their pension and profit sharing and 401(k) plans into a newly created employee stock ownership plan, according to the investment bank Houlihan Lokey Howard & Zukin, which structured the deal. The plan in turn acquired all common stock in Scitor.

A group of outside lenders provided debt in support of the employees' equity investment in the company.

 

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