Carlyle to Acquire ManTech in $4.2 Billion All-Cash Transaction

ManTech International Corporation, a provider of information technologies and solutions to U.S. government national security clients, recently announced that it has entered into an agreement to be acquired by private equity firm Carlyle in an all-cash transaction valued at $4.2 billion.

The terms of the transaction will see ManTech shareholders receive $96.00 per share in cash, a 32% premium over the company’s closing share price of $78.82 on February 2, 2022, and a 17% premium to the closing stock price of $81.97 on May 13, 2022. The transaction received unanimous approval by the company’s Board of Directors, which recommended that shareholders vote in favor of the transaction.

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The transaction is expected to close in the latter half of 2022, subject to approval by shareholders and regulatory bodies, along with other typical closing conditions. Shareholders of common stock representing 49.2% of current voting power of ManTech common stock have agreed to vote their shares of common stock in favor of the transaction.

“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions,” said Dayne Baird, a Managing Director on Carlyle’s Aerospace & Government Services team. “ManTech’s talented employees and leadership team have built a remarkable company with strong market positions across the federal government. 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.”

The acquisition of ManTech is the latest of a number of acquisitions conducted by Carlyle in 2022. Previous purchases this year include transatlantic bioscience investment firm Abingworth and leading global cosmetics packaging company HCP Packaging, as well as the acquisition of cloud solutions, infrastructure, consulting, and data center firm Involta.

In a Q1 FY2022 earnings report, the private equity firm spent $10.9 billion on new acquisitions across its portfolio, with net accrued performance revenue, which represents unrealized investment profits, reaching a record $4.3 billion, up 34% from the prior year. The firm’s total asset management rose 8% to $325 billion, driven by strong fundraising activity and fund appreciation, resulting in a quarterly dividend of $0.325 per share.