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SAIC, Engility stockholders vote to approve merger

Science Applications International Corp. and Engility Holdings Inc. said Friday that shareholders overwhelmingly approved SAIC’s $2.5 billion all-stock deal to acquire Engility and create one of the largest government technology integrators in the market.

More that 98 percent of the shares voting at Reston-based SAIC’s meeting of stockholders voted in favor the union, while 99 percent of Engility stockholders signed off on the deal.

The transaction is expected to close in the next few business days. Shareholders in Chantilly-based Engility (NYSE: EGL) will have the right to receive 0.450 shares of SAIC (NSYE: SAIC) common stock for each share of Engility common stock, with cash paid in lieu of fractional shares.

SAIC executives as well as Engility CEO Lynn Dugle traveled to New York this week to talk up the deal with Wall Street analysts and investors. CEO Tony Moraco emphasized how the deal strengthens SAIC’s position in the space and intelligence markets and boosts its cleared…

Read the full story from the Washington Business Journal.