Analysis & Comment

Veritas-backed firm to buy defense contractor Perspecta in $7.1 billion deal

(Reuters) – Perspecta Inc, which provides information technology services to government customers, said on Wednesday it has accepted a $7.1 billion all-cash deal from buyout firm Veritas Capital-backed Peraton.

The offer of $29.35 per share, represents a premium of nearly 12% to the stock’s last close and a premium of nearly 50% since the last trading day before a report about the company weighing strategic options including sale.

Shares of Perspecta surged more than 10% in trading before the bell to $28.94.

Perspecta said it will be combined with Peraton, a firm that provides intelligence, cyber, defense, homeland security and communications capabilities to select federal agencies and commercial entities.

Veritas, which has focused on the government technology market, already owns about 14.5% of Perspecta’s outstanding shares.

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