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Government contractor SRA Companies withdraws IPO; acquired by CSC in $1.4 billion deal

September 14, 2015

SRA Companies, an IT services contractor for US health, civil and national security agencies, withdrew its plans for an initial public offering on Monday. The company originally filed in July for an IPO that we estimated could have raised $300 million.

In late August, the company announced that it would be acquired by Computer Sciences Corporation (NYSE: CSC) and merged with the company's government services division, which is being spun off.

Another government contractor, Alion Science & Technology (ALON), had been on file for an IPO but was acquired by Veritas Capital in late July.

The Fairfax, VA-based company was founded in 1978 and booked $1.4 billion in sales for the 12 months ended March 31, 2015. It had not disclosed a proposed ticker or exchange. BofA Merrill Lynch and Citi were set to be the joint bookrunners on the deal.