WASHINGTON — The global investment firm Carlyle will pay about $4.2 billion to acquire ManTech International, a cyber and technology contractor that works for defense, intelligence and civilian agencies.
In a release announcing the deal, the firms said ManTech stockholders will receive $96 per share, 17% more than the stock’s closing price of $81.97 last Friday. It would be up 32% from the $72.82 share price in early February, before news broke an acquisition was in the works.
ManTech’s board of directors unanimously approved the acquisition and recommended the company’s shareholders vote to OK it. If that happens, and if government regulators approve the deal, it will likely close later this year.
Kevin Phillips, ManTech’s president and chief executive, called the deal an “important milestone” for the company and a sign of its growth and importance in the industry.
Last year, Defense News ranked ManTech 52nd on its list of the top 100 defense firms. In fiscal 2020, ManTech recorded more than $2.5 billion in sales and nearly $2 billion in defense sales alone.
Phillips said the board considered other options before selecting the Carlyle deal, adding that ManTech will take advantage of Carlyle’s “deep knowledge and experience investing in and growing companies.”
Carlyle has a lengthy history in acquiring government contractors, among them United Defense, Booz Allen Hamilton and, more recently, Novetta.
“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions,” Dayne Baird, an aerospace and government services managing director for Carlyle, said in the release. “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.”
Stephen Losey is the air warfare reporter for Defense News. He previously covered leadership and personnel issues at Air Force Times, and the Pentagon, special operations and air warfare at Military.com. He has traveled to the Middle East to cover U.S. Air Force operations.