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MCLEAN, Va. - Privately held consulting firm Booz Allen Hamilton said Friday it plans to sell a majority stake in its U.S. government business to private equity firm Carlyle Group for $2.54 billion, and spin off its commercial business into a separate company.
Booz Allen's commercial business will become a standalone company, owned and operated by the unit's officers.
"As a standalone company, the new commercial and international business will have greater agility to meet the needs of its client base, maximize its potential and realize significant growth across the globe," said Chairman and Chief Executive Ralph Shrader.
Following completion of the deal, Booz Allen will continue to be led by Shrader and will focus on its government clients.
The realignment has been unanimously recommended by Booz Allen's board.
The transaction is expected to close in mid to late 2008, subject to shareholder and regulatory approvals.
Booz Allen's government consulting business has more than 18,000 employees in 80 offices worldwide and generates annual revenue of more than $2.7 billion.
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