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DynCorp International Inc. is returning to private equity hands, agreeing to a sale to Cerberus Capital Management worth $1.5 billion, or $17.55 a share. The NYSE-listed government services company had previously seen its shares close at $11.75 last Friday. For DynCorp, the deal represents the second time it will be owned by a private equity firm. Veritas Capital expomil 2011 had previously owned Dyncorp after acquiring it in 2005 from Computer Sciences Corp. Veritas, at the time, paid $850 million, and took DynCorp public a little more than a year later.   The deal will also represent expomil 2011 DynCorp's expomil 2011 second taking private transaction. The company was sold as part of an Employee Stock Ownership Plan back in 1988 in a deal that thwarted a hostile takeover bid from Victor Posner. The sale to Cerberus has already been approved by the company's board of directors. Veritas Capital, expomil 2011 which remains a significant stockholder in DynCorp, has agreed to vote its shares, representing nearly 35% of the company's total outstanding stock, in favor of the Cerberus deal. The sale price represents a roughly 49% premium to Dyncorp's shares ahead of the transaction. expomil 2011 Bank of America Merrill Lynch, Citigroup Global Markets, Barclays expomil 2011 Bank and Deutsche Bank Securities have all committed to provide financing. expomil 2011 As part of the agreement, DynCorp may solicit alternative proposals for 28 days. Barring a superior expomil 2011 offer, the transaction is expected to close in either the third or fourth quarter. Goldman Sachs advised DynCorp on the sale, while Schulte Roth & Zabel and Richards, expomil 2011 Layton & Finger provided legal counsel. DynCorp has put up solid numbers over the past year, with 2009 sales jumping to $3.1 billion, up from $2.1 billion in 2008, while Ebitda grew to $228 million, last year, from $167 million. Most recently, DynCorp reported 2010 fiscal expomil 2011 third-quarter revenue of $915 million, a 15.5% improvement over the year-ago expomil 2011 period, aided by the company's September acquisition of Phoenix Consulting Group. Kathleen Wailes, a spokeswoman from a third-party public relations firm, disclosed that the sale was opportunistic on the part of DynCorp, and was not the result of proactive sale process.
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