Ending more than two months of speculation about a potential buyer, ManTech International Corp. [MANT] on Monday said it has agreed to be acquired by the private equity firm Carlyle [CG] for $96 per share representing an enterprise value of about $4.2 billion.
The transaction is expected to close in the second half of 2022 subject to approvals by regulators and the company’s shareholders. No date has been set for a shareholder vote. The company’s board unanimously approved the deal and owners accounting for 49.2 percent of the stock have agreed to vote for the sale.
The buyout price is a 32 percent premium to the closing price of ManTech’s shares on Feb. 2, which was the last day before media reports surfaced about a potential sale process. At that time the shares were selling at $72.82. Last Friday, shares closed at $82.
“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,” Dayne Baird, a managing director on Carlyle’s Aerospace and Government Services team, said in a statement.
Kevin Phillips, chairman, president and CEO of ManTech, said in a statement that the deal provides the company’s shareholders with “the most compelling maximization outcome, offering liquidity at a significant premium. “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.”
ManTech expects to generate nearly $2.7 billion in sales this year. The intelligence community and defense customers generate the majority of sales and federal civilian customers the rest.
ManTech went public in 2022 and the company has about 9,800 employees. Its core capabilities are in cyber, mission and enterprise information technology, advanced data analytics, intelligence mission operations, and systems engineering.