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Carlyle to Acquire Defense Contractor ManTech in $4.2 Billion Deal

Private equity firm Carlyle is acquiring US defense contractor ManTech International Corporation in an all-cash deal valued at roughly $4.2 billion.

Private equity firm Carlyle is acquiring US defense contractor ManTech International Corporation in an all-cash deal valued at roughly $4.2 billion.

ManTech provides a wide range of technology solutions to government agencies, including cyber, mission and enterprise IT, data analytics, software development, intelligence systems engineering, and mission operations.

Cybersecurity services include offensive cyber operations, defense, analytics, SOAR, hardening and resilience, training, and risk management and compliance.

As part of the deal with Carlyle, ManTech shareholders will get $96 per share in cash, which represents a 32% premium to a share price of $72.82 on February 2, 2022, just before Reuters reported that the company’s co-founder, George Pedersen, was exploring options for his controlling stake. The stock price on May 13, 2022, was close to $82.

The transaction is expected to close in the second half of calendar 2022.

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

ManTech reported a revenue of $2.55 billion for 2021 (up from $2.51 billion in 2020), and a net income of $137 million, up from $120 million in the previous year.

Related: SecurityWeek Study: Over 430 Cybersecurity Mergers & Acquisitions Announced in 2021

Related: Cybersecurity M&A Roundup: 42 Deals Announced in April 2022

Related: Private Equity Firm Permira to Acquire Mimecast in $5.8 Billion Deal

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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