DynCorp to be bought by Cerberus Capital
- April 12, 2010
Falls Church-based DynCorp International has entered a definitive agreement to be bought by private investment firm Cerberus Capital Management for $1.5 billion including assumption of debt.
DynCorp’s board of directors approved the move, which is subject to shareholder and regulatory approvals. The company would become a private subsidiary of Cerberus.
Under the plan, shareholders would receive $17.55 for each share of DynCorp’s common stock they own. DynCorp’s closing stock price on Friday was $11.75.
DynCorp, a security contractor, is the 19th largest public company in Virginia, according to Virginia Business’ annual List of Leaders. In 2009, the company had $3.1 billion in revenue.
DynCorp President and CEO William L. Ballhaus said the acquisition will allow DynCorp to grow.