Lockheed to buy Titan

Lockheed Martin Corp. announced it will buy Titan Corp. for a combination of cash and stock.

The deal — valued at $2.4 billion, including the assumption of about $580 million of Titan's debt — has been approved by both companies' boards of directors, but awaits approval from Titan shareholders. Lockheed officials said they expect the transaction to close early next year.

Titan, based in San Diego, provides products for command, control, communications, computers, intelligence, surveillance and reconnaissance. It also offers enterprise information technology and homeland security products and services. The company, which sells almost exclusively to government customers, reported sales of $815 million for the first six months of 2003.

"Titan provides additional presence within the U.S. government customer base and expands our competencies," said Vance Coffman, Lockheed chairman and chief executive officer, in announcing the agreement.

Lockheed, based in Bethesda, Md., employs about 125,000 people. It specializes in a variety of technology areas and offers a wide range of products and services. It reported 2002 sales of $26.6 billion.

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