Author: Jane Edwards|| Date Published: June 16, 2022
Shareholders at Vectrus (NYSE: VEC) approved Wednesday the company’s proposed combination with Vertex and both parties expect the transaction to close in the third quarter of 2022.
The combined entity will adopt the name V2X and trade on the New York Stock Exchange under the ticker symbol “VVX” upon the deal’s closing, Vertex said Wednesday.
Vectrus CEO Chuck Prow said the approval by Vectrus shareholders marks a step in completing the company’s merger with Vertex to establish a provider of critical-mission platforms and services to defense customers worldwide.
“Vectrus and Vertex – together as V2X – will be better positioned to meet the mission-essential needs of our clients while delivering cost efficiencies, increased security and resiliency, with more strategic use of resources,” added Prow, an eight-time Wash100 Award winner.
In March, Vectrus and Vertex agreed to merge through an all-stock transaction to form a government services company that would support national security readiness and modernization efforts of customers globally.
Under the transaction’s terms, Vertex shareholders will own about 62 percent of the combined entity and Vectrus shareholders will hold the remaining 38 percent.
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