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Leidos (LDOS) Stock Plummets, Closes Lockheed Martin Deal

NEW YORK (TheStreet) -- Shares of Leidos Holdings (LDOS) were dropping 25.98% to $38.19 on heavy trading volume mid-Wednesday afternoon after the company completed a $4.6 billion acquisition of Lockheed Martin's (LMT) IT systems and services business.

The company paid for the unit using $1.8 billion in cash and an additional $2.8 billion in common stock.

The deal doubles Leidos in size, making the company the most dominant player in the federal technology solutions sector, Forbes reports.

Leidos is now in charge of roughly 33,000 employees and could earn $10 billion in yearly sales with...