Los Angeles Business Journal

Jacobs Buys Verizon Unit

By Deborah Crowe Tuesday, April 22, 2014

Jacobs Engineering Group Inc. on Tuesday said it will acquire Federal Network Systems from Verizon Communications.

The Pasadena company did not disclose financial terms of the deal with Verizon in New York. Federal designs and operates voice, data and video networks for federal government clients, primarily in the defense and intelligence specialties. It has operations in the suburban Washington D.C. area and employs more than 750 people.

"We expect our acquisition ... to augment our service offerings to government clients for whom we currently provide mission-critical operations, facility design and technical services," Jacobs Vice President Robert Norfleet said in a statement.

Jacobs shares closed up 93 cents, or 1.5 percent, to $64.62 on the New York Stock Exchange.