Titan Corporation was a leading provider of comprehensive information and communications systems solutions to the Department of Defense, intelligence agencies, and other federal government customers. RA Capital was initially engaged to advise Titan’s board of directors with respect to shareholder matters involving a proxy fight threatened by two dissident shareholders.
Following a successful takeover defense, RA Capital provided follow on advisory work including analysis of strategic alternatives such as acquisitions, divestitures, business opportunities, and business repositioning. Additionally, RA Capital Advisors assisted Titan with several acquisitions and a preferred stock financing, as well as the negotiation and acquisition of three privately held companies.
At the conclusion of a decade long advisory relationship, RA Capital co-advised the Titan Corporation in its sale to L-3 Communications (NYSE: LLL) in a transaction valued at $2.65 billion. The transaction generated a 14.2x EBITDA multiple and a 25% premium to Titan’s 90-day average stock price.
This transaction received both the Government Systems Integrators Deal of the Year for 2005 presented by Washington Technology and the 2005 Deal of the Year presented by Financial Executives International.
- Industry: Aerospace and Defense
- Deal Type: M&A – Sell-side
- Location: San Diego, CA