- By Tribal Business News Staff
- Native Contracting
ASRC Federal Holding LLC, a federal government services subsidiary of Arctic Slope Regional Corp., has agreed to purchase the logistics and supply chain business of Reston, Va.-based Science Applications International Corp. (SAIC) for $350 million in cash.
About 240 SAIC employees will transition to ASRC Federal, also based in Reston, upon completion of the transaction, which is expected to close in spring 2023, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals.
SAIC’s logistics and supply chain solutions are used by the Defense Logistics Agency to manage multiple supply chains for the agency’s customers, including the Army, Air Force and Navy. The acquisition of SAIC will provide a “natural fit” for ASRC’s base operations support, which supplies procurement, logistics and warehousing services at military locations, according to a news release from ASRC Federal.
The acquisition provides another channel for growth by diversifying ASRC’s capabilities, President and CEO Jennifer Felix said in a statement.
ASRC Federal is a federal government services subsidiary of Arctic Slope Regional Corp., an Alaska Native corporation. SAIC employs more than 25,000 people and reported $7.4 billion in revenue in fiscal 2022.
Jefferies LLC served as the financial adviser and King & Spalding LLC served as legal counsel to SAIC. Gibson, Dunn & Crutcher LLP served as legal counsel to ASRC Federal.