MAXIMUS (MMS) to Acquire Policy Studies in $67M Deal

MAXIMUS (NYSE: MMS) has signed a definitive agreement to acquire Policy Studies Inc. (PSI), a government health and human services provider. The acquisition is expected to strengthen MAXIMUS’ leadership in the administration of health and human services programs across the United States. The acquisition is expected to close on April 30, 2012 and is subject to certain closing conditions.

The all-cash transaction is valued at approximately $67 million. Policy Studies Inc. had revenue of approximately $137 million for the year ended December 31, 2011. Excluding acquisition-related and one-time charges, MAXIMUS expects the acquisition to be slightly accretive for the remainder of its fiscal 2012 year and fully accretive in fiscal 2013.

Morgan Stanley & Co. advised Policy Studies Inc. on the transaction.

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