This post by AM Law Daily had everything that I thought was pertinent to the story. So Xe has finally been sold, and for an estimated 200 million dollars.
I think what is really interesting with this acquisition is all the national security related stuff that goes along with buying a company like this. When you buy Xe, you are buying all the really complex and sensitive government contracts they are involved with. And like the article below pointed out, Michael Chertoff’s company (former Homeland Security Secretary) was heavily involved in making sure this was done correctly.
So what will USTC Holdings do with Xe, now that they bought it? Good question, but I am sure you won’t see a lot of change right off the get go. Matter of fact, you probably won’t see anything new with the company, other than it just having new owners. –Matt
Bingham, Mayer Brown Advising on Sale of Blackwater/Xe Services to Private Equity Group
December 17, 2010
By Brian Baxter
Xe Services, the private military contractor formerly known as Blackwater Worldwide, announced on Friday that it had been sold to a group of private equity investors with ties to company founder Erik Prince.
Terms of the transaction were not disclosed, but The New York Times puts the value of the deal at around $200 million. USTC Holdings, the investment group taking control of Xe, said in a statement that the deal includes all Xe companies that provide domestic and international security services, including the target’s training facility in Moyock, N.C.
Bloomberg reports that USTC is comprised of private equity firms Manhattan Partners and Forté Capital Advisors, whose managing partner, Jason DeYonker, has close ties to the Prince family. (Aaron Kanter serves as Forté’s chief compliance officer and in-house counsel.)