PE firm Veritas Capital agrees to buy Perspecta for $7.1B

Private equity firm Veritas Capital Fund Management LLC, through its portfolio company Peraton Corp., agreed to buy enterprise information technology services provider Perspecta Inc. in an all-cash transaction valued at $7.1 billion.

Under the deal terms, Perspecta stockholders will receive $29.35 per share in cash.

Following deal closure, Perspecta will be combined with technology-focused services provider Peraton to form a government technology provider that offers end-to-end capabilities in IT and mission support. Veritas holds about 14.5% of Perspecta's outstanding shares.

The transaction, which has been approved by Perspecta's board, is likely to be completed in the first half of 2021, subject to approval by Perspecta stockholders as well as the receipt of regulatory approvals and other customary closing conditions.

Schulte Roth & Zabel LLP is acting as legal adviser to Veritas and Peraton. Goldman Sachs & Co. LLC and Stone Key Partners LLC are acting as financial co-advisers, and Paul Weiss Rifkind Wharton & Garrison LLP is acting as legal adviser to Perspecta in connection with the deal.