Herndon’s ManTech to be acquired by Carlyle Group for $4.2 billion

Herndon, Virginia-based ManTech International has agreed to be acquired by D.C.-based The Carlyle Group.

The all-cash acquisition is valued at $4.2. billion.

ManTech’s information technology and technical services focus on national defense programs for the intelligence community and Department of Defense, primarily analytics and cybersecurity. It had 2021 revenue of $2.6 billion, and has about 9,000 employees.

ManTech CEO Kevin Phillips. (Courtesy ManTech International)

The acquisition, valued at $96 per share, is a 17% premium over ManTech stock’s closing price on May 13.

“This announcement is an important milestone for ManTech and a testament to our growth and the leadership position we have built since our founding by George Pedersen more than 50 years ago,” said ManTech Chairman and Chief Executive Kevin Phillips.

Pedersen, who cofounded the company in 1968, announced in February he would step down as chairman emeritus and member of the board.

ManTech International’s board of directors unanimously approved the acquisition. It still needs shareholder and regulatory approval and is expected to close in the second half of 2022.

Carlyle has $325 billion in total assets under management.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

This content was republished with permission from CNN.

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