Veritas Capital has agreed to acquire Perspecta (NYSE: PRSP) in an all-cash deal worth $7.1 billion and plans to merge the latter with Peraton to establish a government technology platforms provider focused on delivering end-to-end information technology capabilities and mission support to U.S. government clients.
Perspecta stockholders will get $29.35 in cash per share under the terms of the transaction, which is expected to conclude in the first half of calendar year 2021, the companies said in a joint release published Wednesday.
“Together with Peraton and with the flexibility Perspecta will have as a private company supported by Veritas, Perspecta will be well positioned to build on our momentum and continue executing on customer commitments as Perspecta delivers cyber, digital-transformation and mission-focused solutions,” said Mac Curtis, chairman and CEO of Perspecta and a six-time Wash100 awardee.
Perspecta started trading on the New York Stock Exchange as an independent company in mid-2018 after it completed its separation from DXC Technology and subsequent merger with KeyPoint Government Solutions and Vencore.
Stu Shea, chairman, president and CEO of Peraton and a four-time Wash100 awardee, said Perspecta’s skilled talent and tech expertise across the government market will complement Peraton offerings and improve its ability to advance innovation.
Veritas Capital, which has been focused on the government tech market since its establishment, holds approximately 14.5 percent of Perspecta’s outstanding shares.
Ramzi Musallam, CEO and managing partner of Veritas and a five-time Wash100 awardee, said Veritas has always recognized Perspecta for its intellectual property, market differentiation and focused execution in the government tech space.
“Through the combination with Peraton, we have assembled a strong portfolio of top-tier government technology providers with complementary offerings and are confident that the addition of our resources and industry expertise will enable Perspecta to deliver even greater value to its customers and stakeholders,” added Musallam.
Perspecta’s board of directors has approved the all-cash transaction, which is subject to regulatory clearances, Perspecta stockholders’ approval and other customary closing conditions.
Schulte Roth & Zabel serves as legal adviser to Veritas and Peraton in the deal. Paul, Weiss, Rifkind, Wharton & Garrison advises Perspecta on the transaction’s legal aspect, while Goldman Sachs & Co. and Stone Key Partners act as the company’s financial co-advisers.