Leidos (NYSE: LDOS) finalized its purchase of Huntsville, Ala.-based technology services contractor Dynetics for approximately $1.65B in cash a month after the transaction was initially announced.
Leidos said Friday the acquisition will help expand its technical capabilities, strengthen its presence in defense, civil and intelligence markets and advance opportunities within the Leidos Innovations Center.
Dynetics will operate as Leidosâ wholly owned subsidiary under the leadership of Dynetics CEO David King, who will directly report to Roger Krone, chairman and CEO of Leidos and a 2020 Wash100 winner.
"Dynetics and Leidos share a commitment to advancing technology to address the toughest scientific and engineering challenges of our day. This combination adds innovative capabilities in our targeted growth areas, while expanding our secure agile production capabilities, secure agile manufacturing, and increasing our penetration with key customers," said Krone.
Krone added that Leidos is pleased to welcome Dyneticsâ team of 2,300Â employees.
Leidos used its cash on hand and short-term borrowing capacity worth $1.25B to fund the transaction.
