M&A: Veritas to acquire Perspecta for $7.1 billion – will combine with Peraton and Northrop Grumman Federal IT Business

Perspecta, “a leading U.S. government services provider, today announced that it has entered into a definitive agreement under which it will be acquired by Peraton, a portfolio company of leading private investment firm Veritas Capital (“Veritas”), in an all-cash transaction valued at $7.1 billion…”

“… Following the closing of the transaction, Perspecta will be combined with Peraton, a trusted provider of highly differentiated space, intelligence, cyber, defense, homeland security and communications capabilities to select federal agencies and commercial entities. The combination will create a leading government technology provider that delivers end-to-end capabilities in IT and mission support and serves as the strategic partner of choice across a diverse array of U.S. government customers…”

“… Today marks the beginning of an exciting new chapter for Perspecta. This announcement is the culmination of a comprehensive review process. 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 Chief Executive Officer of Perspecta. “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…” Read the full press release here.

Source: Veritas Capital to acquire Perspecta in all-cash transaction valued at $7.1 billion, January 27, 2021. Perspecta

G2X TAKE: Apparently the rumors leaked in November that Perspecta leadership was weighing strategic options, to include a sale, were true as the announcement came early this morning that this leading U.S. Government services provider has agreed to be acquired and will be combined with Peraton, an increasingly significant Government contract with capabilities in space, intelligence, cyber, defense, homeland security and communications. This news comes on the heels of Veritas announcing an agreement late last year to acquire the Northrop Grumman Federal IT and Mission Support Services Business for $3.4B. 

Included below is a snapshot of Prime obligated funds for Perspecta across the Federal sector for the past 5 years.

 

Federal contracting data provided to G2Xchange by Federal Compass; Date: January 2021

Take Byte

Perspecta was named to the updated list of NXT UP firms poised to make big waves in the Federal sector in 2020 and for years to come.

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