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Report: Cerberus exploring sale of defense contractor DynCorp

New York-based private equity firm Cerberus Capital Management LP is seeking to sell defense contractor DynCorp International Inc., Reuters reported, citing three sources familiar with the matter.

Cerberus has hired two investment banks for help on the deal, which could be valued at more than $1.3 billion, according to the sources. They said the banks are still in the early stages of soliciting offers.

Cerberus acquired DynCorp in 2010 for more than $1 billion.