Nov. 8, 2009 (PR Newswire) --

GREENWICH, Conn. and NEW YORK, Nov. 8 /PRNewswire/ -- An investor group led by General Atlantic LLC ("GA") and affiliates of Kohlberg Kravis Roberts & Co. ("KKR"), in partnership with the management team of TASC, Inc., ("TASC"), today announced a definitive agreement to acquire 100% of TASC from Northrop Grumman Corporation (NYSE: NOC) in a transaction valued at $1.65 billion. Founded in 1966, TASC today generates approximately $1.6 billion in revenue and has nearly 5,000 employees serving a range of intelligence, defense, and civil agencies.

"Today's announcement is another major milestone in TASC's long history of leadership in serving the federal government and national security communities, and provides an exceptional foundation for our continued growth," said Wood Parker, TASC's General Manager and prospective President and CEO. "As a fully independent entity, TASC will expand its ability to solve the U.S. Government's most pressing technical challenges. Our singular focus, as always, will remain supporting the vital missions of our customers."

"Moreover," added Parker, "we will now have more flexibility to invest in research and development as well as in retaining and attracting the finest talent in the nation. We are very pleased to partner with two highly respected and long-term oriented investors with deep experience in building and growing knowledge- and people-based businesses. Their success in supporting growth companies that are employers of choice makes them very attractive partners for TASC."

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 investor group worked closely with a team of expert advisors including Dr. Donald M. Kerr, former head of the National Reconnaissance Office; Peter A. Marino, former Director of Technical Services for the CIA; R. Evans Hineman, a former senior leader in the intelligence community and former President of TASC from 1998-1999; James H. Frey, former President of TASC until 2002; and Reuben Jeffery, former Undersecretary of State for Economic, Energy and Agricultural Affairs.

"General Atlantic and KKR are long-term oriented and responsible growth investors who understand that TASC is an important national asset. They are committed to supporting TASC's customer base and the company's commitment to remain an employer of choice," said Mr. Hineman.