DynCorp to Acquire GTE's Information Systems Division; Transaction Completes GTE's Sale of Government Business
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IRVING, Texas - DynCorp, a privately-held technology and information services company based in Reston, Va., has agreed to acquire GTE Information Systems, LLC, formerly part of the company's Government Systems business, for an undisclosed amount of cash.
The transaction has been approved by the boards of directors of both companies and is subject to normal regulatory approvals. With the recent sale of three other divisions to General Dynamics, Inc., this transaction completes GTE's sale of its Government Systems business. Overall, this divestiture activity is part of a larger GTE corporate initiative to generate after-tax cash proceeds in excess of $4 billion, which will be used to invest in higher growth Internet, data and wireless businesses.
GTE Information Systems, with approximately 925 employees, specializes in providing integrated telecommunications services and information solutions to U.S. civilian Federal agencies, U.S. Department of Defense agencies, and select commercial markets. The unit's headquarters are in Chantilly, Va. Additional offices are in Herndon, Va.; Falls Church, Va.; Washington, D.C.; Colorado Springs, Colo.; Fairview Heights, Ill.; and other locations throughout the United States.
DynCorp is among the largest employee-owned technology companies in the country. DynCorp employs more than 16,000 technology and technical professionals who work at more than 550 company and customer locations around the world.
GTE Corporation, based in Irving, Texas, is a leading telecommunications provider with one of the industry's broadest arrays of products and services. The company has 120,000 employees and had 1998 sales of more than $25 billion.
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