On Assignment concurrently wrapped up its $775 million purchase of Fairfax, Virginia-based information technology services provider ECS Federal and adopted the name ASGN Inc. (NYSE: ASGN) to reflect the combined entity™s business.
The companies first announced the transaction in January and ASGN said Monday ECS will continue its operations under the same brand name and as a separate business segment of ASGN.
George Wilson, ECS president and CEO and a 2018 Wash100 recipient, and the leadership team will continue to oversee and implement the business™ daily operations and strategy.
ASGN CEO Peter Dameris said ECS™ government services portfolio will help ASGN further build up its work offerings and gain access to the $130 billion federal IT services sector.
ASGN noted that it worked with Wells Fargo Bank, National Association, to amend its current credit facility to fund the transaction and doled out approximately 162,000 shares in restricted stock unit awards to 54 ECS personnel as employment inducement awards in accordance with the New York Stock Exchange™s regulations.
