Courtesy of Benzinga.
CIBER, Inc. (NYSE: CBR) today announced that it has closed the previously announced sale of its Federal division and related assets to CRGT Inc., a leading provider of full life-cycle IT services and expert in emerging technology solutions for the Federal government. As previously announced, the closing price was $40 million.
“This sale was an important strategic step in creating value for our shareholders, and allows us to focus on the core components of our growth,” said CIBER President and CEO David Peterschmidt.
Claude Pumilia, Executive Vice President and CFO, commented, “We expect net cash proceeds of $34 million, subject to adjustments for working capital items post-closing. We are committed to using at least $9 million of the proceeds to further pay down debt under our existing credit facility.”
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