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Xe Services, formerly Blackwater International, sold

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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.

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

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.

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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.

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

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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.

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news outlets, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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