National security technology developer ManTech International has finalized its $4.2 billion all-cash acquisition by investment firm Carlyle, which was first announced in May.
Now that the transaction is complete, ManTech will be a private entity—after being publicly listed for the last 20 years—thus, ending its tenure trading in the NASDAQ Global Select Market, the Herndon, Virginia-headquartered company said Thursday.
Kevin Phillips, CEO, chairman and president of ManTech, characterized the sale of the company as the start of a new and promising era and stated that Carlyle’s team of financial experts will add value to the company’s strategic direction and mission.
Phillips, a six-time recipient of the Wash100 Award, also said that this was one more step in the organization’s over five-decade timeline of continuous growth and evolution for its “portfolio of differentiated solutions.”
Along with their new home under the Carlyle umbrella, ManTech also acquired system engineering, software engineering and information technology provider Technical and Management Assistance Corporation in January along with digital and systems engineering company Gryphon Technologies in late December 2021.
ManTech anticipates that the same reliable and responsive dynamics with its customers will proliferate under its new ownership, as will the experience of its more than 9,800 employees. Additionally, it will continue to operate out of its home base in Herndon.
“We are pleased to complete the transaction and look forward to partnering with ManTech to advance the mission of its customers across the federal government,” commented Dayne Baird, managing director of aerospace and government services at Carlyle.
Now that ManTech common stock has stopped circulation in trade, $96 per share will be distributed to all stockholders in cash.