By Reuters Staff
1 Min Read
(Reuters) - Perspecta Inc, a provider of IT services to government customers, has agreed to a $7.1 billion takeover over from Peraton, a defense contractor owned by private-equity firm Veritas Capital.
Shares of Perspecta surged nearly 10% to $28.76 in early trading and were trading slightly below the offer price of $29.35 per share.
The offer is at a premium of nearly 50% since a Bloomberg report in early November about the company weighing strategic options including sale.
Peraton provides intelligence, cyber, defense, homeland security and communications services to select federal agencies and commercial entities.
Veritas, which has focused on the government technology market, owns about 14.5% of Perspecta’s outstanding shares.
By Ross Wilkers
Jan 27, 2021
The government IT and services market apparently wanted to get 2021 started with a true megadeal that involves one of the largest publicly-traded companies and a notable investor in that business.
Perspecta said Wednesday it has agreed to be acquired by private equity firm Veritas Capital for $7.1 billion in cash, or $29.35 per share. Veritas Capital already held 14.5 percent of Perspecta’s stock and earlier this month revealed that both parties had started some discussions about a potential transaction.
The deal is anticipated to close in the first half of this year. Perspecta s board of directors has approved the deal, which shareholders will get to vote on as well. But the story does not end there.
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CHANTILLY, Va., Jan. 27, 2021 /PRNewswire/ Perspecta Inc. (NYSE: PRSP) ( Perspecta or the Company ), 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.
Under the terms of the agreement, Perspecta stockholders will receive $29.35 per share in cash, which represents a premium of 49.7% to the Company s unaffected closing stock price of $19.60 on November 6, 2020, the last trading day prior to media reports being published regarding a potential strategic process for Perspecta, and a premium of 11.8% to the closing stock price of $26.25 on January 26, 2021.
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