NCI Inc. , which offer IT services to federal government agencies, said Monday it has agreed to be acquired by funds managed by a unit of private-equity firm H.I.G. Capital for about $283 million in cash. Under the terms of the deal, H.I.G. will commence a tender offer no later than July 17 to acquire all outstanding shares for $20 a share in cash. The board has approved the deal, including chairman Charles Narang, a shareholder of the company. The deal is expected to close in the third quarter. NCI shares were halted for the news, but have gained 51% in 2017, while the S&P 500 has gained 8%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below