Perspecta said today it has agreed to be acquired by Peraton and its private-equity owner Veritas Capital in a deal worth $7.1 billion.
The transaction will dramatically increase the size of Peraton, which already got a major boost last month when Northrop Grumman announced it was selling its federal IT and mission support services business to Veritas. Under the deal, the unit will become part of Peraton.
After the addition of both the Northrop unit and Perspecta, Peraton would have about $7.5 billion in annual sales and more than 20,000 employees, according to a source with knowledge of the deals.
Perspecta said the new combination will “create a leading government technology provider that delivers end-to-end capabilities in IT and mission support and serves as the strategic partner of choice across a diverse array of U.S. government customers.”
Perspecta is a public company; under the terms of the deal, stockholders will receive $29.35 per share in cash. Veritas already owned about 14.5% of Perspecta’s shares outstanding.
The deal is expected to close in the first half of 2021. It requires the approval of Perspecta stockholders as well as regulatory approvals.