M&A

NCI's buyer clears antitrust review hurdle

The Federal Trade Commission has cleared private equity firm H.I.G. Capital's pending $283 million acquisition of NCI Inc. through an early termination of the FTC’s regulatory review waiting period.

H.I.G. and NCI expect to close the deal Aug. 11 pending the completion of H.I.G.'s tender offer for the government IT contractor's shares at 12 a.m. midnight Eastern time that day, both parties said Friday.

The transaction remains subject to the tender of all NCI shares in favor of the deal, including the stock held by NCI Chairman and Founder Charles Narang.

Narang agreed to tender all of his stock in favor of the deal and stands to make $92 million from the sale of all his shares, according to July 17 regulatory filings. Those filings also detail NCI's rationale behind the sale of itself and other parties that showed interest in the Reston, Va.-based company.

NCI's stock has traded down 5 percent since the deal was first announced July 3.

Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the FTC has a 30-day period to review whether a large transaction violates antitrust law and the acquirer cannot proceed on closing deals until the waiting period ends.

Deals can move forward upon the waiting period’s expiration or if the FTC ends the waiting period early.

About the Author

Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at rwilkers@washingtontechnology.com. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close

Trending

  • POWER TRAINING: How to engage your customers

    Don't miss our Aug. 2 Washington Technology Power Training session on Mastering Stakeholder Engagement, where you'll learned the critical skills you need to more fully connect with your customers and win more business. Read More

  • PROJECT 38 PODCAST

    In our latest Project 38 Podcast, editor Nick Wakeman interviews Tom Romeo, the leader of Maximus Federal about how it has zoomed up the 2019 Top 100. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.