As per the terms of the transaction, shareholders of the publicly-listed ManTech will get $96 per share in cash
Carlyle to acquire ManTech International in an all-cash deal. (Credit: Tumisu/Pixabay)
ManTech International, a US-based provider of technologies and solutions for mission-critical national security programmes, has agreed to be acquired by funds managed by Carlyle in a deal worth around $4.2bn.
As per the terms of the deal, shareholders of the publicly-listed ManTech will be paid $96 per share in cash.
ManTech caters to the US defense, intelligence, and federal civilian agencies with mission-focused technology solutions and services.
The company has been operating for over 53 years.
Its offerings include cyber, enterprise IT, data collection and analytics, systems engineering and software application development solutions for supporting national and homeland security.
The company’s revenue for the first quarter of 2022 was $676m, while its net income was $31.3m.
Carlyle’s aerospace and government services team managing director Dayne Baird said: “We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions. ManTech’s talented employees and leadership team have built a remarkable Company with strong market positions across the federal government.
“Through this partnership, we look forward to leveraging our sector expertise and resources to accelerate growth and innovation and to drive greater value for customers and employees.”
ManTech’s board of directors have approved the deal unanimously and have recommended the company’s shareholders vote in its favour.
The deal is being backed by stockholders having a combined voting power of 49.2% of ManTech’s common stock, subject to certain conditions.
ManTech chairman, CEO, and president Kevin Phillips said: “Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximisation outcome, offering liquidity at a significant premium.
“We look forward to leveraging Carlyle’s deep knowledge and experience in investing in growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees.”
The deal, which is subject to approval by ManTech’s shareholders, regulatory approvals, and other customary conditions, is anticipated to close in the latter half of this year.