Quantcast
Connect with us

Xe Services, formerly Blackwater International, sold

Published

on

Private US security firm Xe, formerly known as Blackwater International, has been bought by a group of investors, they announced on Friday.

New York-based USTC Holdings said it will acquire Xe and its core operating subsidiaries, but did not disclose the price or terms of the agreement in a statement.

USTC Holdings is an investor consortium led by private equity firms Forte Capital Advisors and Manhattan Partners.

ADVERTISEMENT

Xe’s current owner Eric price, will sell his entire stake in the company and “will not be involved in the management or operation of the company,” USTC Holdings said.

“The company going forward will be managed by a board appointed by the equity owners which will include independent, unaffiliated directors.”

The New York Times reported Friday the sale came after the State Department threatened to stop awarding contracts to the company as long as it was owned by Prince, a former Navy SEAL.

The company, once the best known security contractor in Iraq and Afghanistan, has come under pressure since Blackwater guards were accused of killing 17 civilians in Baghdad in 2007.

ADVERTISEMENT

Prince put the company up for sale in June and moved his family to Abu Dhabi.

The Times said people involved in the negotiations said the sale was worth 200 million dollars, but Prince will receive payments into the future depending on the company’s financial performance.

A lead investor is Jason De Yonker of Forte Capital Advisors, who helped Prince develop a business plan after he founded the company in 1997, and negotiated its first training contracts.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump may ‘undo his presidency’ — with Republicans backing impeachment: CNN’s conservative anchor

Published

on

President Donald Trump's presidency is in peril as Republican lawmakers condemn the administration for green-lighting Turkey's ethnic cleansing of Kurds in northern Syria.

"President Trump this week set fire to the emoluments clause by announcing his own resort would host the G-7 summit. His Chief of Staff, Mick Mulvaney, set fire to his boss’s innocence admitting on camera to the very thing Trump is being investigated for and possibly impeached over," CNN's S.E. Cupp said.

"Donald Trump has put the Republican Party through a lot. Most have gone willingly along with him -- kids in cages, a trade war, protecting Putin, honoring Kim Jong-Un, breaking the law, the lies, the insults, the fake news, the rape allegations. Defending the president over the indefensible has become something of a cottage industry for Republican lawmakers, few of whom have ever dared to call him out," she noted.

Continue Reading

Breaking Banner

Boris Johnson said he would rather be ‘dead in a ditch’ than delay Brexit — but just asked to extend deadline

Published

on

Prime Minister Boris Johnson is to write to Brussels seeking a Brexit deadline extension after MPs voted Saturday to demand he delay Britain's October 31 departure date.

In a phonecall with European Council President Donald Tusk after the vote, Johnson said he would send the letter mandated by MPs to seek more time, a EU source told AFP.

"The PM confirmed that the letter would be sent to Tusk today," the source said.

"Tusk will on that basis start consulting EU leaders on how to react. This may take a few days," he added.

Tusk said on Twitter that he was "waiting for the letter".

Continue Reading
 

Breaking Banner

Trump is ‘weakened on virtually every front’ as impeachment intensifies: Washington Post analysis

Published

on

President Donald Trump is in a "fragile state" and telegraphing weakness, according to a new analysis by Washington Post reporter Philip Rucker.

"President Trump, whose paramount concern long has been showing strength, has entered the most challenging stretch of his term, weakened on virtually every front and in danger of being forced from office as the impeachment inquiry intensifies," he wrote.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image