Roundup: Dominion, Carlyle, CSC, SRA
From staff and wire reports
*Dominion Resources has found another buyer for its West Virginia and Pennsylvania natural gas distribution companies, which account for about 12 percent of its 4 million electric and natural gas utility customer accounts in the Mid-Atlantic and Midwest. Private investor Babcock & Brown Infrastructure Fund North America has agreed to buy Dominion Peoples and Dominion Hope for $910 million, Richmond-based Dominion said. The deal is expected to close in 2009, pending approval by regulators.
The agreement with Babcock & Brown is Dominion's second deal to sell the two gas utilities. In 2006, Dominion struck a deal to sell the pair to Pittsburgh-based Equitable Resources for $970 million. That agreement was terminated in January after regulators balked at approving the sale.
Dominion expects to net about $675 million after taxes from the new sales agreement with Babcock & Brown. Dominion said it will use the proceeds to reduce debt. Dominion listed $12.8 billion in long-term debt on its balance sheet at the end of March.
*Carlyle Group and Crown Acquisitions paid $525 million for a controlling stake in the retail portion of 666 Fifth Ave. in New York, the largest retail deal in the city this year. The 90,000-square-foot property is between 52nd and 53rd streets, with tenants including the NBA store; Hickey-Freeman, the men's clothier; and Brooks Brothers, Carlyle said in a statement.
*Information technology services provider Computer Sciences Corp. said it will continue managing aircraft manufacturer Hawker Beechcraft's IT under a new nine-year contract. The value of the contract was not disclosed. Hawker Beechcraft has used CSC's services since 2002. CSC will manage the company's networks, help desks, video telecommunications, servers, IT security and other infrastructure.
*SRA International of Fairfax said it has acquired Interface & Control Systems of Columbia, which develops software and services for space applications. Terms were not disclosed.
SRA, which sells information technology and consulting services to national security agencies, the Defense Department, the intelligence community and federal civilian agencies, said the acquisition helps broaden its offerings and expand operating margins.
July 2, 2008; 3:37 PM ET
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