Virginia-based systems integration firm GTSI announced on Monday that it has entered into an agreement to be acquired by information technology company UNICOM Systems for just over $76 million.
According to a statement, the terms of the agreement have been unanimously approved by a special committee of independent GTSI directors, as well as the firm’s full board of directors.
Under the terms of the agreement, a wholly-owned subsidiary of UNICOM will make a cash offer to acquire GTSI’s outstanding shares of common stock for $7.75 per share, resulting in an expected total value of approximately $76.67 million.
"The announcement of this offer represents an attractive opportunity to deliver premium value and liquidity to GTSI’s shareholders. I am excited about the potential for future growth with a strategic partner of UNICOM’s stature and global reach. There is an excellent opportunity to realize short- and long-term benefits for our customers, employees and OEM partners. said GTSI President and CEO Sterling Phillips in the statement.
Upon completion of the acquisition, GTSI will become a private company, wholly owned by UNICOM. The deal is expected to close in the second or early third quarter of 2012.
"Over the past 30 years, UNICOM has built a global reputation for excellence in serving information technology buyers in government and Fortune 1000 enterprises. The acquisition of GTSI represents the next step in expanding UNICOM’s ability to deliver world-class IT products and services to enterprise customers," said UNICOM Founder and CEO Corry Hong.