Investment Firm Carlyle Enters Deal to Acquire ManTech for $4.2B

Carlyle, a global investment firm, has entered into a definitive agreement to acquire technology company ManTech International in an approximately $4.2 billion all-cash transaction.

ManTech offers capabilities in cyber, enterprise information technology, data analytics, software systems development, intelligent systems, intelligence mission support and mission operations, according to its website.

The ManTech board of directors unanimously approved the transaction and recommended that shareholders vote in favor of the acquisition. 

The deal is expected to be closed in the second half of 2022 following regulatory approvals and completion of customary closing conditions, ManTech said Monday.

ManTech CEO and President Kevin Phillips, a member of the Potomac Officers Club and a six-timeWash100 winner, said that the board determined that the deal is in the best interest of the company’s stakeholders, providing liquidity at a premium.

As part of the transaction, shareholders would receive $96 per share in cash. The amount represents a 32 percent increase from ManTech’s $72.82 closing share price on Feb. 2, the last day before the potential acquisition was publicly announced. The offered amount represents a 17 percent premium from the company’s closing stock price of $81.97 on May 13.

Phillips added that the definitive agreement is a testament to the company’s growth since its founding 50 years ago.

Dayne Baird, a managing director of Carlyle’s aerospace and government services team, said that ManTech has built a strong position across federal government markets.

“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,” Baird added.