Jacobs Agrees to Acquire Federal Network Systems; Terms Undisclosed
Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it entered into an agreement to acquire Federal Network Systems (FNS), a subsidiary of Verizon Communications headquartered in Ashburn, Va.
Company officials did not disclose the terms of the agreement, but noted that the closing of the transaction is subject to various conditions and is expected to occur in the summer of 2014.
FNS provides systems integration and communication, information technology and data security solutions for the global market; with particular focus on supporting the Intelligence Community, the Department of Defense, and federal civilian customers. Its workforce of more than 750 employees designs, integrates, secures, operates and maintains highly complex mission critical voice, data and video networks.
In making the announcement, Jacobs Group Vice President Robert Norfleet stated, “We expect our acquisition of FNS to significantly enhance our capability in the growing Intelligence Community industry; allowing us to augment our service offerings to government clients for whom we currently provide mission critical operations, facility design, commissioning and technical services. We are very pleased to enter into this agreement with the goal of bringing FNS into Jacobs.”
Jacobs is one of the world's largest and most diverse providers of technical professional and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. Such statements relate to a variety of matters, including but not limited to the timing and expected completion of the proposed transaction. We base these forward-looking statements on management's current expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause actual results to differ materially from these forward-looking statements, including but not limited to: risks relating to the consummation of the proposed transaction, including the risk that the closing conditions of the transaction will not be satisfied; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; litigation relating to the proposed transaction or its completion; unexpected costs, charges or expenses resulting from the proposed transaction or its completion; any operational, cultural or financial difficulties associated with the integration of Jacobs' and FNS's businesses; and any changes in general economic and/or industry-specific, or company specific conditions. For a description of some of the additional factors which may occur that could cause actual results to differ from these forward-looking statements please refer to our 2013 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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