KEYW to sell stock to fund debt relief, acquisition

Stock closes down more than 6 percent

September 17, 2012|By Gus G. Sentementes, The Baltimore Sun

KEYW Corp., a Hanover-based defense contractor that offers cybersecurity and counterterrorism solutions to government agencies, said Monday that it will sell 6.5 million shares of stock in a new public offering to raise money to pay down debt and complete a recently announced company acquisition.

The publicly traded company said last week that it intended to acquire Poole & Associates Inc., of Annapolis Junction, for $126 million in cash and stock. The company last week also announced the acquisition of Sensage Inc., of Redwood City, Calif., for nearly $35 million in cash and stock.

KEYW's stock closed Monday down more than 6 percent, to $12.17. The company has acquired several companies in recent years in order to offer more products and services to its government customers, including the National Security Agency. The company had $52 million of debt as of June 30, according to its balance sheet.

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