V2X Emerges From Vectrus-Vertex Merger Completion, Reveals 11-Member Board; Chuck Prow Quoted

Vectrus has closed its all-stock merger with The Vertex Company to form a new government services provider that will be known as V2X and has an estimated pro forma annual revenue of $3.4 billion.

Both companies announced the transaction March 7, saying the combination looks to grow across the GovCon market areas of operations and logistics, aerospace, training and technology.

Former stockholders at Vertex received 18.6 million shares of Vectrus’ common stock and own 62 percent of the merged organization, V2X said Tuesday.

The combined firm will change its ticker symbol at the New York Stock Exchange from VEC to VVX when the market opens for business on Friday.

“Through this transformative combination, we created a company with the scale and ability to compete for large integrated business opportunities by providing full life-cycle support across the converged environment,” said Chuck Prow, CEO and a member of the board of directors of V2X and an eight-time Wash100 Award winner.

Mary Howell will chair the company’s 11-member board. The four other directors that came from Vectrus are Melvin Parker, Eric Pillmore, Stephen Waechter and Phillip Widman.

Vertex appointed former CEO Ed Boyington to the V2X board along with Dino Cusumano, Lee Evangelakos, Joel Rotroff and Neil Snyder.

V2X has approximately 14,000 employees across the globe hailing from its two predecessor firms.

Goldman Sachs served as Vectrus’ exclusive financial adviser on the transaction while both Skadden, Arps, Slate, Meagher & Flom and Covington & Burling acted as its legal counsel.

Ernst & Young and Wolf Den Associates also provided advisory services to Vectrus.

RBC Capital Markets and Evercore were Vertex’s financial advisers while Jones Day, Baker Botts and Ropes & Gray were its legal counsel.

Vertex additionally received advisory services from Fairmont Consulting Group.

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