DynCorp International LLC, a subsidiary of defense contractor DynCorp International Inc. (NYSE: DCP), on Monday said it agreed to acquire privately held Phoenix Consulting Group Inc., according to Associated Press.
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Phoenix provides proprietary training courses and materials and management consulting and augmentation services to the intelligence community. It employs about 400 people, many with top secret security clearances.
Specific financial terms were not disclosed, but DynCorp said it plans to fund the deal with cash on hand.
The acquisition, which is set to close in October, is expected to expand DynCorp's services to the intelligence community and national security clients.
Phoenix will operate as a subsidiary and be consolidated as a business unit within DynCorp's global stabilization and development solutions division.
DynCorp shares rose 52 cents, or 3 percent, to $18.02 in midday trading.
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