UNICOM to buy GTSI in $76M cash deal

Monday - 5/7/2012, 11:37am EDT

UNICOM Systems will acquire government IT contractor GTSI in a cash deal worth $76.67 million.

The offer will be $7.75 per share, a premium of 48 percent over GTSI's closing stock price Friday, according to a GTSI release.

"I am excited about the potential for future growth with a strategic partner of UNICOM's stature and global reach," said Sterling Phillips, GTSI's president and chief executive officer, in the release.

A special committee of GTSI directors and the full board of directors unanimously approved the deal, according to the release.