New public company Perspecta begins trading

By Marjorie Censer / June 1, 2018 at 12:33 PM

Perspecta, the company created by combining DXC's U.S. public-sector unit with Vencore and KeyPoint Government Solutions, began trading today on the New York Stock Exchange under the ticker symbol "PRSP."

The separation of DXC's public-sector business and the combination with Vencore and KeyPoint was structured as a Reverse Morris Trust transaction.

Under the agreements, stockholders received one share of Perspecta common stock for every two shares of DXC common stock held on May 25.

In connection with the deal, DXC received a $984 million cash distribution from Perspecta. Private-equity firm Veritas Capital, which owned both Vencore and KeyPoint, received $400 million in cash and about 23 million shares of Perspecta common stock. Those shares represent about 14 percent of the outstanding Perspecta common shares, the company said.