M&A

NCI clears last hurdle in deal to be acquired

The completion of a tender offer to acquire NCI Inc. and take the government IT contractor private clears the last main hurdle ahead of the deal's closure.

Global private equity firm H.I.G. Capital expects to close its estimated $283 million acquisition of NCI Tuesday, upon which the stock in the Reston, Va.-based company will end trading on the NASDAQ stock market. The transaction first announced July 3 values NCI at $20 per share versus the June 30 closing price of $21.10.

H.I.G.'s deal for approximately 12 million shares in NCI gives the investment group approximately 82 percent of voting power in the contractor. NCI Founder and Chairman Charles Narang held 84 percent of voting power in the company pre-offer.

A series of mid-July regulatory filings from NCI detail how the contractor had multiple suitors before going with H.I.G. Those filings detailed in our previous coverage here also look at NCI's search for growth as a middle-tier contractor, a task the company seemingly found tough.

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.

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