Jacob's Engineering to buy TechTeam unit for $59 mn

Construction services firm Jacobs Engineering Group Inc agreed to buy a unit of TechTeam Global for $59 million in cash, to expand its government IT business.

The unit, TechTeam Government Solutions (TIGSI), is a 500-person information technology solutions company that provides support to federal, state and local government agencies, including the United States Army, Jacobs said in a statement. The transaction is expected to close by late summer, Jacobs added.

Jacobs' shares closed at $43.70 Thursday on the New York Stock Exchange. TechTeam shares closed at $5.21 on Nasdaq.