RESTON, Va.--(BUSINESS WIRE)--Science Applications International Corporation (NYSE: SAIC) today announced that it has signed a definitive agreement to repurchase $100 million of common stock from funds managed by affiliates of KKR & Co., Inc. (NYSE: KKR) at a price of $85.58 per share, representing a 0.5 percent discount from the closing price on July 1, 2019. The repurchase is expected to be EPS accretive to shareholders, reduces the amount of stock held by funds affiliated with KKR to below 5%, and accelerates share repurchase activity in fiscal year 2020.

The repurchase represents 2.0 percent of the company's shares outstanding and is being made under SAIC’s existing share repurchase program. The company intends to finance the share repurchase through the use of available cash and incremental borrowings under its existing revolving credit facility. The share repurchase is expected to close on July 2, 2019, subject to customary conditions.

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SAIC® is a premier technology integrator solving our nation’s most complex modernization and readiness challenges. Our robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes high-end solutions in engineering, IT, and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective, and efficient solutions.

We are 23,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has pro forma annual revenues of approximately $6.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.