Maximus to Buy Citizen-Engagement Centers From General Dynamics
October 09 2018 - 10:00AM
Dow Jones News
By Colin Kellaher
Maximus Inc. (MMS) on Tuesday said it agreed to buy U.S. federal
citizen-engagement centers from a unit of General Dynamics Corp.
(GD) for $400 million in cash.
The Reston, Va., manager of government health and human-services
programs said the assets involved in the deal generated about $670
million in revenue for the 12 months ended June 30, with operating
margins averaging in the mid-single-digit range.
Maximus in August said it expects revenue of $2.4 billion to
$2.44 billion for its fiscal 2018, which ended Sept. 30.
Maximus said it expects the acquisition, which increases its
position in the administration of federal government programs
across the U.S., will boost fiscal 2019 adjusted per-share earnings
by 10 cents to 15 cents.
The company said it expects to complete the acquisition in
mid-November.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 09, 2018 09:45 ET (13:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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