Veritas Capital has moved to acquire Perspecta for $7.1 billion and plans to combine the latter to its portfolio company Peraton to expand its position in the government technology market. Perspecta has entered into a definitive agreement for the all-cash transaction.
“Together with Peraton and with the flexibility Perspecta will have as a private company supported by Veritas, Perspecta will be well positioned to build on our momentum and continue executing on customer commitments as Perspecta delivers cyber, digital-transformation and mission-focused solutions,” said Mac Curtis, chairman and CEO of Perspecta and 2020 Wash100 Award recipient.
Following the purchase, Perspecta will be combined with Peraton, which is a provider of differentiated space, intelligence, cyber, defense, homeland security and communications capabilities to select federal agencies and commercial entities.
The combined companies will work to deliver end-to-end capabilities in IT and mission support across a variety of U.S. government customers. Stu Shea, chairman, president and CEO of Peraton and 2020 Wash100 Award recipient said, “Together, we will create a top-tier, privately-owned government technology business with a focus on missions of consequence.”
He added that Perspecta brings skilled talent and differentiated technology expertise that will complement Peraton offerings and enhance its ability to drive innovation.
Ramzi Musallam, CEO and managing partner of Veritas and fellow Wash100 Award winner, commented, “Through the combination with Peraton, we have assembled a strong portfolio of top-tier government technology providers with complementary offerings and are confident that the addition of our resources and industry expertise will enable Perspecta to deliver even greater value to its customers and stakeholders.”
The acquisition has been approved by the board of directors of Perspecta and is expected to close in the first half of 2021, subject to approval by Perspecta stockholders as well as the receipt of regulatory approvals and other customary closing conditions.
The legal advisor of Veritas and Peraton is Schulte Roth & Zabel. Paul, Weiss, Rifkind, Wharton & Garrison serves as the legal advisor to Perspecta and Goldman Sachs & Co. and Stone Key Partners are the company’s financial co-advisors.