On November 8, 2009, affiliates of Kohlberg Kravis Roberts & Co. L.P. ("KKR") and General Atlantic LLC, in partnership with the management team of TASC, Inc., (“TASC”), announced a definitive agreement to acquire 100% of TASC from Northrop Grumman Corporation in a transaction valued at $1.65 billion.
Simpson Thacher is advising KKR and General Atlantic on the debt financing for the acquisition, which consists of senior secured credit facilities and senior subordinated notes. In addition, the Firm assisted KKR Capital Markets in placing the senior subordinated notes and in its assistance in structuring the debt financing. The Firm is also representing KKR in connection with the acquisition, which is subject to customary approvals and is expected to close in the fourth quarter of 2009.
Upon closing of the transaction, TASC will be the nation's most recognized independent, non-conflicted provider of advanced systems engineering and technical assistance (SETA) to the defense, intelligence, federal, state and local markets.
The Simpson Thacher team included Marni Lerner and Tom Lamprecht (M&A); James Cross, Richard Fenyes, Anthony McMahon, and Jakob Rentdorff (Financing); and Nancy Mehlman (Tax).