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17th April 2024 Issue no. 701

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Serco in $2bn bid to run US security giant

Serco, the services company that runs swathes of Britain's schools, trains, prisons and armed forces, has made a $2bn bid for the US spy firm SRA International, it has been reported by The Telegraph.

A deal with SRA would catapult Serco to becoming the biggest foreign company providing services to the United States government.

SRA's reach is extensive. It provides outsourcing for Homeland Security, the military and intelligence services. It has a division that caters to transportation and air traffic control globally as well as one that is focused on space. It employs more than 7,000 people in more than 50 locations worldwide and also helps governments with clinical research projects as well as public heath programmes.

Serco, advised by UBS, is thought to have made its initial approach some weeks ago.

It is understood that its $2bn proposal was initially rebuffed but that the company and its advisers are now working on making an improved offer.

26th January 2011