ManTech International Corp. has entered into a definitive agreement to be acquired by global investment firm Carlyle in an all-cash transaction valued at $4.2 billion.
“This announcement is an important milestone for ManTech and a testament to our growth and the leadership position we have built since our founding by George Pedersen more than 50 years ago,” said ManTech Chairman, CEO and President Kevin M. Phillips.
Phillips added that after a comprehensive review of strategic alternatives, the company’s board decided this transaction is in the best interest of shareholders. It provides them with the most “compelling value maximization outcome,” and offers liquidity at a significant premium.
Under the terms of the transaction, ManTech shareholders will receive $96 per share in cash.
“We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees,” Phillips said.
The transaction was unanimously approved by ManTech’s board of directors, and the transaction is
expected to close in the second half of 2022.
“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions,” said Dayne Baird, a managing director on Carlyle’s Aerospace & Government Services team. “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,” Baird added.
Bob Kipps, managing director of KippsDeSanto & Co., commented on the transaction as well.
“The Carlyle/ManTech deal is a prime example of a seasoned financial sponsor thinking strategically and competing aggressively against true strategic buyers for this unique asset,” he said.
For the transaction, Goldman Sachs & Co. LLC is serving as the financial adviser and King & Spalding LLP is serving as legal counsel to ManTech. Robert W. Baird & Co. is serving as financial adviser and Latham & Watkins LLP is serving as legal adviser to Carlyle.
