Lockheed Martin to buy Titan, sources say

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Last updated at: (Beijing Time) Tuesday, September 16, 2003

Lockheed Martin to buy Titan, sources say

Lockheed Martin Corp., the No. 1 US defense contractor, has reached a deal to buy Titan Corp. for about $2.4 billion, or $22 a share, sources familiar with the deal said.

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Lockheed Martin Corp., the No. 1 US defense contractor, has reached a deal to buy Titan Corp. for about $2.4 billion, or $22 a share, sources familiar with the deal said.

Titan, based in San Diego, is a provider of information technology to the government. The purchase is to be half stock and half cash, said the sources, who declined to be identified.

A Lockheed Martin spokesman declined to comment on the preliminary deal, which the sources said has been approved by the boards of both companies.

The transaction is subject to approval by both the Department of Justice and the Pentagon.

Lockheed, based in Bethesda, Maryland, and Titan already cooperate in the satellite business.

Source: agencies

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