General Dynamics delays closing on Anteon buy
- By Roseanne Gerin
- Apr 25, 2006
General Dynamics Corp. has extended the deadline for completing its acquisition of Anteon International Corp. by three months, pending the outcome of the Justice Department's review of the deal.
The Falls Church, Va., defense giant has set July 31, instead of April 30, to finish its $2.2 billion purchase of Anteon of Fairfax, Va. General Dynamics announced the acquisition last December.
Both companies are working with the Justice Department while it examines the proposed transaction, as authorized by the Hart-Scott-Rodino Antitrust Improvements Act. The Justice Department usually reviews transactions involving large companies such as General Dynamics.
Anteon said in a press release that it still expects to complete the deal by June 30, as previously announced.
The transaction will combine two top 20 companies on Washington Technology's 2005 Top 100
list. Anteon, which has more than 9,500 employees and had annual revenue of $1.5 billion in 2005, ranks No. 13
on the Top 100 list of federal prime contractors. General Dynamics, which has about 72,200 employees and had annual revenue of $21.2 billion in 2005, ranks No. 5
on the list. The 2006 list will be released May 15.