September 9, 2013 / 8:55 PM / 4 years ago

SAIC to spin off services business

Sept 9 (Reuters) - SAIC Inc, a provider of scientific and engineering services mainly to the U.S. defense department, said its board approved the spin-off of its services business.

The new company, to be called Science Applications International Corp, will include technical, engineering and enterprise information technology services businesses.

SAIC will be renamed as Leidos Holdings Inc.

The company also declared a pro-rata dividend, effective Sept. 27.

Shares of the company rose nearly 3 percent in after-market trading. They closed at $14.44 on the New York Stock Exchange on Monday.

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