Washington, D.C.-based investment firm Carlyle Group is buying defense contractor ManTech in an all-cash deal valued at $4.2 billion, the companies announced Monday.
Shareholders of Virginia-based ManTech will receive $96 per share in cash, a 32% premium on ManTech’s closing share price of $72.82 on February 2, the last trading day before media reports of a potential deal. The offer to ManTech is also 17% premium to Friday's closing price of $81.97.
Shares of ManTech jumped more than 15% in premarket trading Monday, to $94.30.
ManTech, which provides national security technology services and software to the U.S. government, posted $2.55 billion in sales last year.
The deal was approved by ManTech’s board, which recommended that its shareholders vote in favor of the acquisition. The transaction is expected to close this year, pending approval from ManTech shareholders and government regulators.