SRX

Shares of SRA International (SRX) are up 9.5%, or $2.68, to $31.04 after it announced it has entered into a definitive merger agreement under which SRA will be acquired by an affiliate of Providence Equity Partners in an all-cash

Providence Equity will pay $31.25 per share, representing a 10% premium to the stock's closing price yesterday.

SRA started looking for a possible buyer last October. The company's existing management team will not change.

SRA is trading up 10.3% to $31.28 in pre-market trading.

SRA International (NYES:SRX) agreed to be bought by Providence Equity Partners for $1.88 billion in cash, the company announced today.

The company sees 2011 EPS of $1.38 to $1.44, vs. consensus estimates of $1.42 per share, on revenues of $1.785 billion to $1.815 billion, vs. consensus estimates of $1.82 billion.

Executive Vice President and CFO Rick Nadeau added, "Operating cash flow was strong in the quarter.

SRA International (NYSE:SRX) reported Q2 EPS of $0.33, in line with consensus estimates. Revenues for the quarter rose 5.3% year-over-year to $434.8 million, missing consensus estimates of $443.6 million.