UPDATED: Peraton completes $7.1B Perspecta acquisition

Perspecta shareholders sealed deal on May 6

Published May 6, 2021 by Jason Roop / Richard Foster

UPDATED MAY 7, 8:20 A.M.

Herndon-based national security contractor Peraton Inc. completed its $7.1 billion, all-cash acquisition of Chantilly-based federal IT contractor Perspecta Inc. on Thursday, according to a news release from Peraton’s parent company, New York-based private investment firm Veritas Capital.

The combined companies will be known as Peraton and will be overseen by Peraton Chairman, President and CEO Stu Shea. Perspecta Chairman and CEO Mac Curtis has announced his retirement. The move follows Peraton’s $3.4 billion cash acquisition in February of Falls Church-based Northrop Grumman Corp.’s federal IT and mission support services business.

“Perspecta has always been a differentiated, innovative leader in this industry, and this combination with Peraton will create a powerhouse within the government technology market,” Veritas CEO and Managing Partner Ramzi Musallam said in a statement. “With unparalleled capabilities and a deep bench of highly skilled employees, the combined Peraton is poised to drive enhanced value for all of its stakeholders. We look forward to investing in the long-term success of the unified enterprise and to working closely with Stu and management to support our customers’ most vital missions.”

“This is a truly transformational acquisition for Peraton and for our industry and we are thrilled to welcome our talented new colleagues from Perspecta,” Shea said. “This milestone follows our recent acquisition of Northrop Grumman’s integrated mission support and IT solutions business and further strengthens Peraton’s leading position within the government technology market. We are confident that with Veritas’ continued support, we will be well-positioned to deliver highly differentiated solutions that meet the mission-critical needs of our combined customer base.”

Perspecta Inc. shareholders voted Thursday to adopt the merger agreement, under which shareholders will receive $29.35 per share.

Veritas Capital held approximately 14.5% of Perspecta’s outstanding shares when the companies announced the pending acquisition in late January.

Perspecta, which employs more than 14,000 people, was launched in 2018 as the result of a three-way merger among Vencore Holding Corp., KeyPoint Government Solutions and the U.S. public sector business of DXC Technology. It posted $4.5 billion in fiscal 2020 revenue.

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