Perpecta has entered into a definitive agreement under which it will be acquired by Peraton, a portfolio company of private investment firm Veritas Capital, 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.
Following the closing of the transaction, Perspecta will be combined with Peraton, a 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 government technology provider that delivers end-to-end capabilities in IT and mission support and serves as a strategic partner across a diverse array of U.S. government customers.
Veritas is a significant Perspecta stockholder today, holding approximately 14.5% of Perspecta’s shares outstanding. The government technology market has been a key focus area for Veritas since its inception.
The transaction, which has been approved by the Perspecta Board of Directors, is expected to close in the first half of calendar 2021, subject to approval by Perspecta stockholders as well as the receipt of regulatory approvals and other customary closing conditions.
Schulte Roth & Zabel LLP is serving as legal advisor to Veritas and Peraton. Goldman Sachs & Co. LLC and Stone Key Partners LLC are serving as financial co-advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Perspecta in connection with the transaction.