KBR has announced the completion of its acquisition of Wyle, Inc. for $570 million.
Wyle will now operate under the name KBRwyle. indicating KBR's ownership while honoring the legacy of both companies, and highlighting the strength of the combination.
Stuart Bradie, President and CEO of KBR, Inc, said: "Today we are proud to welcome Wyle to KBR. KBRwyle fits perfectly with our strategy to expand KBR's global Government Services offerings, moving the business towards the high growth, more specialized, technology and science-driven sources of long-term annuity type revenues with greater differentiation and higher margins.
"As our Government Services markets expand we are seeing increasing synergy with our hydrocarbons business, with people and services moving between divisions, further enhancing the value proposition of the acquisition.
"KBR and Wyle share a proud legacy of innovation and performance for which all of our now combined 25,800 employees can be proud. It is with great pleasure that we unite these two companies to create the equivalent of a global $2 billion Government Services organization with full service capabilities drawing on the best in class capabilities of both organizations.”
The deal is subject to customary adjustments including for net working capital, net cash, and indebtedness of Wyle.
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