Perspecta, a leading U.S. government services provider, announced on Wednesday that the company has entered into a definitive agreement to be acquired by Veritas Capital in a $7.1 billion all-cash acquisition. The transaction has been approved by Perspecta’s Board of Directors and is expected to close in the first half of the 2021 fiscal year.
“Today marks the beginning of an exciting new chapter for Perspecta. Having considered all opportunities available, the Perspecta Board of Directors is confident this transaction offers the most compelling value creation for shareholders,” said Mac Curtis, chairman and CEO of Perspecta as well as a six-time Wash100 Award recipient.
Once the translation is complete, Perspecta will be combined with Peraton, a leading provider of highly differentiated communications capabilities under Veritas, to create a leading government technology combination that delivers end-to-end capabilities in IT and mission support and serves as the strategic partner of choice across a diverse array of federal government customers.
“Perspecta brings highly skilled talent and differentiated technology expertise across a broad range of customers in the government markets which will complement our offerings and enhance our ability to drive innovation,” said Stu Shea, president and CEO of Peraton and fellow four-time Wash100 Award winner.
To date, Veritas Capital holds approximately 14.5 percent of Perspecta’s outstanding shares. Perspecta stockholders will receive $29.35 per share in cash, which represents a premium of 49.7 percent to the Company’s unaffected closing stock price of $19.60 on Nov. 6th, 2020.
“As a long-time investor in Perspecta and its predecessor companies for over a decade, we have always recognized Perspecta for its market differentiation, leading-edge IP, and focused execution in the government technology space,” said Ramzi Musallam, CEO and managing partner of Veritas, who is also a five-time Wash100 Award recipient.
About Perspecta
At Perspecta (NYSE: PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets.
With offerings in mission services, digital transformation and enterprise operations, our team of nearly 14,000 engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it.
