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General Dynamics headquarters in Falls Church, Va. Photo: Dennis Brack/Bloomberg via Getty Images

Defense contractor General Dynamics has agreed to acquire government IT contractor CSRA for around $9.6 billion in cash (including assumed debt).

Why it matters: Because this comes just as the White House unveils a budget proposal that would significantly boost the Pentagon's spending power, but also amidst a broader contractor consolidation trend driven by Trump promises to cut government expenditures.

Details: General Dynamics agreed to pay $40.75 in cash for each outstanding CSRA share — a 32% premium above Friday's closing price. Executives expect the deal to close in the first half of 2018, and to generate cost savings of about 2% of the combined company's revenue by 2020.

More from Ross Wilkers at Washington Technology:

"The consolidation of General Dynamics’ IT division with CSRA would create an almost $9.9 billion-revenue business with footprints across almost all sectors of government including defense, intelligence and federal civilian... That scale would put the larger General Dynamics IT business right behind Leidos, which at $10 billion in annual revenue is government services’ largest player."

Go deeper

Mike Allen, author of AM
8 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

10 hours ago - Politics & Policy

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.