Private-equity firm Carlyle Group LP plans to cut its stake in
defense contractor Booz Allen Hamilton Holding Corp. by about
$289.4 million, Booz Allen Hamilton said.
Carlyle Group, where former President George H.W. Bush once
served as an adviser, acquired a majority stake in McLean,
Va.-based Booz Allen in 2008 for $2.54 billion after Booz Allen
separated its corporate-consulting unit from its larger government
business.
In the current offering, the private-equity firm plans to sell
an aggregate 10 million shares to underwriter J.P. Morgan
Securities LLC.
In addition, Booz Allen has agreed to buy back 1 million
shares.
The sale would pare down the Carlyle Group's stake on Booz Allen
to about 37%.
Booz Allen won't sell any shares.
Booz Allen's shares closed at $26.31 Wednesday, up 37% year to
date.
Write to Maria Armental at maria.armental@wsj.com
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