LOCAL BRIEFING

MERGERS & ACQUISITIONS

Deal Reached for Greater Atlantic

Summit Financial Group said yesterday that it has agreed to a revamped deal to buy Reston-based Greater Atlantic Financial. Greater Atlantic agreed to a takeover in April 2007 but terminated that deal a year later. Summit, based in Moorefield, W.Va., says buying the small bank will expand its presence in existing markets along Interstate 81 and in Loudon County and add potential new markets in Northern Virginia and Maryland. Terms of the deal will be determined through a formula based on the company's share prices just before closing and other factors.

Stanley to Buy Manassas Firm

Stanley, an Arlington company that provides technology and professional services for the federal government, said it agreed to buy Oberon Associates for about $170 million in cash. Oberon, of Manassas, provides engineering, intelligence operations and information technology services.

The deal is expected to close during Stanley's fiscal second quarter, which ends Sept. 30, and is subject to the approval of Oberon shareholders and other conditions.

FTI to Purchase Software Firm

Business advisory firm FTI Consulting of Baltimore said that it plans to buy Attenex for about $88 million in cash. The deal, which is expected to close in the third quarter, will add to earnings in 2009, the company said. Seattle-based Attenex, which had revenue of about $25 million in 2007, provides software that automates data processing and provides visualization tools for analyzing massive amounts of electronically stored information. Attenex helps corporations and their law firms comply with regulatory requests and internal investigations. The acquisition expands FTI's software offerings and enhances its position in the space, the company said.

DC Capital Buys Contractor

DC Capital Partners, a private-equity firm in the District, acquired Kaseman of Chantilly for an undisclosed amount. DC Capital President Thomas J. Campbell called Kaseman, a federal contractor that has worked with the State Department and the Transportation Security Administration, the centerpiece of "a new platform" to work on training, security and logistics services.

FCC May Vote Soon on Radio Deal

The Federal Communications Commission may vote this month on the proposed merger of Sirius Satellite Radio and XM Satellite Radio Holdings, Chairman Kevin J. Martin said.

"I don't know what will end up happening," Martin told reporters after a hearing in Washington. "It's still the early part of the month, so it's possible. We're working hard on it."

MORTGAGE FINANCE

New Rule for Fannie, Freddie

Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, will have to change the way they account for foreclosed property costs under a new rule adopted by regulators yesterday. District-based Fannie Mae and McLean-based Freddie Mac have been booking profits when they should be recording losses on some single-family and federally backed mortgages, the Office of Federal Housing Enterprise Oversight said. The rule, which takes effect when published in the Federal Register, will probably force the companies to increase regulatory capital reserves, according to OFHEO.

MEDIA

Post Job Cuts to Cost $80 Million

The Washington Post Co. said costs to cut jobs will be about $80 million and most of the expenses will be recorded in the second quarter.

Funding to cover the voluntary employee buyouts will come primarily from assets of the company's pension plans, The Post said yesterday in a regulatory filing.

XM, EMI Settle Copyright Dispute

XM Satellite Radio Holdings said it had settled a copyright dispute with music publisher EMI Music. Major recording companies had filed a complaint against XM in May 2006 on concerns that the company's portable Pioneer Inno music player enabled listeners to record songs. XM did not disclose the terms of the settlement, but it has reached similar agreements with Sony BMG, Universal Music Group and Warner Music Group.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.