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Perspecta to Be Acquired by Veritas Capital for $7.1 Billion in Cash

The purchase price represents a nearly 50% upside from Perspecta's unaffected stock price.
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Private equity firm Veritas Capital agreed to purchase IT services company Perspecta Inc.  (PRSP) - Get Perspecta, Inc. Report in an all-cash deal valued at $7.1 billion.

Perspecta shareholders will receive $29.35 per share in cash for each of their shares, representing a premium of nearly 50% over the the company's unaffected stock price on Nov. 6, before reports about a potential sale first started to surface. The purchase price represents a 12% upside from the stock's closing price on Tuesday. 

Perspecta shares jumped 10.0% to $28.88 in afternoon trading Wednesday. 

"As a long-time investor in Perspecta and its predecessor companies for over a decade, we have always recognized Perspecta for its market differentiation, leading-edge IP, and focused execution in the government technology space," said Veritas Capital CEO Ramzi Musallam. 

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Veritas already currently holds about 14.5% of Perspecta's outstanding shares, and the firm says the government technology market has been a key focus for Veritas since its inception. 

"Today marks the beginning of an exciting new chapter for Perspecta. This announcement is the culmination of a comprehensive review process. Having considered all opportunities available, the Perspecta Board of Directors is confident this transaction offers the most compelling value creation for shareholders," said Perspecta CEO Mac Curtis.

Peraton, a portfolio company of Veritas', will be the entity actually acquiring Perspecta.

"Perspecta brings highly skilled talent and differentiated technology expertise across a broad range of customers in the government markets which will complement our offerings and enhance our ability to drive innovation. Together, we will create a top-tier, privately-owned government technology business with a focus on missions of consequence," said Peraton CEO Stu Shea.