PRSP - Palantir Competitor Perspecta Cashes In With $7 Billion Buyout
Shares of Perspecta (NYSE: PRSP) jumped more than 10% at the open on Wednesday after the government IT company announced an agreement to be acquired for more than $7.1 billion. The stock was already up thanks to takeover rumors, with the takeover price a nearly 50% premium over where the shares traded in November prior to the rumors.
Perspecta, a provider of IT services for government customers, said before markets opened on Wednesday it has agreed to sell to private equity firm Veritas Capital. Terms of the deal call for Perspecta holders to receive $29.35 per share in cash for each share owned.
Veritas already owns 14.5% of Perspecta, a company that was formed in June 2018 via a three-way merger involving two Veritas holdings. The private equity firm intends to merge Perspecta into Peraton, a separate Veritas holding that is also in the process of acquiring the IT business of Northrop Grumman .
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Palantir Competitor Perspecta Cashes In With $7 Billion Buyout