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L-3 Communications announced that it has signed a definitive agreement to acquire The Titan Corporation, under which Titan's shareholders would receive $23.10 in cash per share of Titan common stock. The total transaction value on the completion date of the acquisition is expected to be approximately $2.65 billion, including assumed debt. Titan's board of directors is unanimously recommending that Titan's shareholders approve the transaction.
Headquartered in San Diego, Titan is a leading provider of comprehensive national security solutions including information and communications systems solutions and services to the Department of Defense, intelligence agencies, the Department of Homeland Security, and other United States federal government customers. Titan offers services, systems, and products for command, control, communications, intelligence, surveillance and reconnaissance (C3ISR), enterprise information technology, and homeland security programs. Titan has approximately 12,000 employees, including over 9,000 personnel with U.S. government security clearances.
"This acquisition is very strategic for L-3 because Titan is a major provider of intelligence services to the Department of Defense and key U.S. intelligence agencies," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. “Titan's business mix is complementary to L-3's with its focus on C3ISR, advanced and transformational products and enterprise information technology for a number of government agencies, including the DoD, Federal Aviation Administration, and NASA, in addition to its systems integration work."
Titan's portfolio of homeland security products and services includes communications systems for first responders, which greatly facilitate interoperability and crisis response, emergency mobile command vehicles, command vehicles, and realistic training and exercise services for nationwide government customers. Titan also provides engineering, analytical support, systems development and integration of key systems to agencies, protecting the country against the threat of chemical and bio-terrorism.
