GD to buy Veridian
General Dynamics Corp.'s plan to acquire Veridian Corp. will provide an immediate benefit to the company's information technology operation, according to the executive charged with handling the $1.5 billion deal.
"We're not acquiring brick and mortar. We're acquiring leading-edge technology, a breathtaking presence in markets I don't have," said Kenneth Dahlberg, executive vice president and group executive for General Dynamics Information Systems and Technology.
The purchase is expected to close by Sept. 30, Dahlberg said. The two companies signed a definitive agreement that calls for Falls Church, Va.-based General Dynamics to pay $35 a share for each outstanding Veridian share. General Dynamics will also assume $270 million in Veridian debt.
David Langstaff, president and chief executive of Veridian, will stay on board for a period of time to assist in the transition, but then will leave the company, he said.