Sprint Nextel to Spin Off Local Business
Sprint Nextel plans to spin off its local-telecommunications business in the second quarter, chief executive Gary D. Forsee said in an interview by Bloomberg News.
After the spinoff, Reston-based Sprint Nextel will get more than 80 percent of its revenue from wireless sales, Forsee said.
MERGERS & ACQUISITIONS
CACI to Buy Security Research Company
Government contractor CACI International signed an agreement to buy National Security Research. Terms of the deal between the two companies, both based in Arlington, were not disclosed. NSR, an employee-owned firm with $17 million in revenue in its fiscal year ended in November, provides professional and analytic services in national and homeland security. It has about 100 employees and 50 consultants, most of them with top security clearances.
Criimi Mae Sold for About $328 Million
Criimi Mae accepted an offer to be acquired for about $328 million ($20 a share) in cash by CDP Capital -- Financing, a subsidiary of Caisse de Depot et Placement du Quebec, a Canadian investment manager. Directors of the Rockville commercial mortgage company voted to recommend that shareholders approve the merger.
COMMERCIAL REAL ESTATE
Mills Corp. Names Executive Vice President
The Mills Corp. of Arlington, a developer and owner of shopping malls, named Gordon "Tad" Glenn as executive vice president and general counsel. Glenn was previously general counsel of the Rouse Co., the Columbia-based real estate company that was sold last year. Mills also said Thomas Frost will retire as executive vice president on Dec. 31 and Kenneth R. Parent as chief operating officer on April 1.
Compiled from staff and news service reports.