CACI International (NYSE: CACI) has agreed to buy Azure Summit Technology for approximately $1.275 billion in cash as part of efforts to expand its technology offerings for the Department of Defense and other national security agency customers.
CACI said Monday it expects the all-cash transaction to conclude in the second quarter of fiscal year 2025, subject to regulatory clearances and other customary closing conditions.
Azure Summit is a Fairfax, Virginia-based engineering company focused on developing and delivering radio frequency hardware and software-defined technologies to customers performing national security missions.
John Mengucci, president and CEO of CACI, said the employees of both companies are culturally aligned to support the critical missions of the U.S. and its allies in a global threat environment.
He added that Azure Summit’s core tech capabilities strengthen CACI’s market-based strategy by broadening the latter’s offerings in ISR, signals intelligence and electronic warfare across multiple platforms, domains and customer sets.
âWhen combined with more than $400 million in share repurchases over the last six quarters, this transaction underscores CACI’s flexible and opportunistic capital deployment approach, which focuses on driving free cash flow growth and delivering long-term shareholder value,â stated Mengucci, a 2024 Wash100 awardee.
CACI expects to generate a tax benefit in the next 15 years through the transaction. The tax benefit’s present value is $194 million.
