PAE Inc. [PAE] on Wednesday said that its acquisition by Amentum is still expected to close early next year after it couldn’t find another buyer.
Terms of the deal extended a limited “go-shop” period to PAE to find another potential buyer. The go-shop period expired on Nov. 29 with no alternative acquisition proposal from a third party, PAE said. That means the deal to be acquired by Amentum for $1.9 billion remains on track to close in the first quarter of 2022.
The pending transaction still requires approvals by PAE’s shareholders and regulators.
is PAE’s financial adviser for the transaction.
Amentum in October agreed to acquire PAE in a deal that would create a $9 billion government services company that provide aviation logistics and modernization, cybersecurity and intelligence technologies and services. In 2020, Amentum had $6.4 billion in sales and PAE $2.7 billion.