Hot sectors in a tepid recovery
The energy, finance, technology and healthcare industries are expected to be the hottest areas for dealmaking in 2010. Full Article | Full Coverage
BAE Systems to buy MTC Tech for $450 million
NEW YORK (Reuters) - Defense and intelligence services firm MTC Technologies Inc MTCT.O said on Friday it has signed a definitive merger agreement to be acquired by BAE Systems Inc. (BAES.L) for $450 million in cash, or $24 per share.
The acquisition, which also includes the assumption of debt, is expected to close in the first half of 2008, MTC said.
Dayton, Ohio-based MTC, which employs about 3,000 people, is a provider of aircraft modernization and maintenance services. It also provides logistics services to the U.S. Department of Defense and to U.S. national security agencies.
Raymond James is serving as financial advisor to MTC, while Stifel Nicolaus provided a fairness opinion to its board.
Ahead of the announcement, MTC shares gained 4.3 percent to close at $17.78 on Nasdaq.
(Reporting by Nick Zieminski, editing by Richard Chang, Gary Hill)
