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Carlyle said it had offered $96 per share, representing a 17% premium to ManTech (NASDAQ:MANT)’s closing on Friday. The enterprise value of the deal stood at $4.2 billion.
The deal comes at a time the outlook for mergers and acquisitions in the defense sector has been uncertain after arms maker Lockheed Martin Corp (NYSE:LMT) in February terminated its $4.4 billion proposal to rocket engine maker Aerojet Rocketdyne Holdings (NYSE:AJRD) Inc amid opposition from U.S. antitrust enforcers.
The Biden administration has also released a report detailing recommendations to boost competition in its defense industrial base, saying rapid consolidation has created a national security risk.
Reuters in February exclusively reported that ManTech’s co-founder, George Pederson, was exploring options for his controlling stake that included a sale of the company.
Fairfax, Virginia-based ManTech performs defense and non-defense contracting services for the intelligence community, the Pentagon and other government agencies.
