ManTech stockholders approve $4.2B sale to Carlyle Group

Deal could close this week

Published September 13, 2022 by Courtney Mabeus

ManTech International Corp. stockholders have approved the Herndon-based tech contractor’s sale to The Carlyle Group for approximately $4.2 billion.

Stockholders green-lighted the sale during a Sept. 7 special meeting, subject to customary closing conditions. The transaction is expected to close this week.

“We thank our stockholders for their strong support of this transaction,” said ManTech Chairman, CEO and President Kevin M. Phillips in a statement. “We look forward to completing the transaction with Carlyle to deliver immediate and premium value to our stockholders, stronger outcomes for our customers and more opportunities for our employees.”

Under the terms of the transaction, ManTech stockholders will receive $96 per share in cash. ManTech and Carlyle announced the deal in May.

More than 99% of the votes cast at the special meeting were in favor of the merger, ManTech said in a news release.

Founded in 1968, ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2021, the Fortune 1000 company reported $2.55 billion in revenue.

As of June 30, Carlyle had $326 billion in assets under management. The investment firm employs more than 1,900 people in 26 offices across five continents. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

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