SAIC to acquire competitor

A large information technology company in Northern Virginia has agreed to acquire a nearby competitor in a deal valued at more than $2 billion.

Reston-based Science Applications International Corp. (SAIC) announced on Monday plans to acquire Engility Holdings Inc., which is based in Chantilly. The two publicly traded companies have agreed to an all-stock transaction worth $2.5 billion, according to an SAIC press release.

“The highly complementary portfolios, combined with our similar cultures, operating models, and histories, make this transaction a compelling combination,” SAIC’s CEO Tony Moraco said in a stateent. “We look forward to welcoming the Engility team into SAIC, as together we create a market leader in government services with more than 23,000 employees.”

SAIC and Engility provide technology services for state and federal agencies. SAIC has a contract with the Virginia Information Technologies Agency, which oversees IT services, cybersecurity and governance for the commonwealth. As of July, SAIC had more than 3,000 employees in Virginia.

SAIC will expand its board of directors to include two additional members from Engility’s board.