Holland & Knight Advises Azure Summit Technology on $1.3 Billion Acquisition Agreement with CACI International Inc.
TYSONS, Va. (September 17, 2024) – Holland & Knight advised Azure Summit Technology in connection with its $1.275 billion all-cash sale to CACI International Inc. (NYSE: CACI). The definitive agreement was announced on September 16, and, subject to regulatory approvals, the acquisition is expected to close in the fourth quarter of 2024.
With locations in Fairfax, Virginia, and Melbourne, Florida, Azure Summit is an engineering company that develops and delivers high-performance radio frequency (RF) hardware and software-defined technologies for applications that deliver critical capabilities to address high-priority existing and emerging missions for national security.
Headquartered in Reston, Virginia, CACI is one of the largest information technology (IT) government contractors and delivers distinctive expertise and differentiated technology to meet the greatest national security challenges.
The acquisition of Azure Summit will bolster CACI's market-based strategy by expanding its offerings in intelligence, surveillance and reconnaissance (ISR), electronic warfare (EW) and signals intelligence (SIGINT) across multiple domains, platforms and customer sets.
As a result of the all-cash transaction, CACI expects to realize a tax benefit over the next 15 years, the present value of which is $194 million. Net of the present value of the tax benefit, the effective consideration is $1.08 billion.
Holland & Knight Partners Adam August and Ashley Plemons led the firm's representation of Azure Summit, along with Associates Libby Bloxom, Andrew Erickson, Fernando Butler and Kelsey Parker. They were assisted by Partners John Dierking, David Kully, Antonia Tzinova, Eric Rubin, Bill Sherman and Associate Jiyeon Barta.
Macquarie Capital acted as Azure Summit's financial advisor on the deal.
More information on the transaction can be found here.
Recently recognized as the Private Equity Law Firm of the Year by Global M&A Network, Holland & Knight regularly ranks among the leading M&A and private equity law firms in reputable, benchmarking league tables published by Bloomberg, LSEG (formerly Refinitiv), Mergermarket, PitchBook and The Deal. In 2023, the firm ranked among the top five most active law firms in the U.S. and top 10 globally for its work in the space. Through the HK Deal FlowSM program, Holland & Knight facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.