GTSI to be acquired
- May 8, 2012
GTSI Corp. has agreed to be bought by UNICOM Systems Inc., a California technology company focused on providing software solutions for the enterprise computing community.
UNICOM will pay $7.75 per share, or a total value of $76.67 million, to acquire Herndon-based GTSI. The agreement was approved by GTSI’s board of directors.
The announcement comes 18 months after the Small Business Administration started allowing the technology company to again pursue contracts with the federal government.
The SBA had suspended GTSI from federal contracts for about two weeks while the agency investigated the company’s involvement in a Department of Homeland Security contract intended for small businesses.
The per share purchase price is 47.9 percent above GTSI’s closing stock price as of May 5 and 65.6 percent above its one-year average closing stock price.
The acquisition Is expected to close in the third quarter of 2012 and is subject to terms and conditions and regulatory approvals. GTSI will become a private company and a wholly owned subsidiary of UNICOM.