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“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 CEO and President Kevin M. Phillips in a press release.
ManTech provides analytics and cybersecurity to the country's defense and intelligence agencies.
The all-cash deal received the ManTech board of directors unanimous approval, but it still needs shareholders' backing and a thumbs up from regulators. The Carlyle Group said it expects the deal to be finalized later this year.
ManTech shareholders will receive $96 a share, a 32 percent premium over the stock's closing price on Feb 2, the last trading day before news broke about a potential deal, the Carlyle Group noted. News of the buyout sent the stock price soaring to a 52-week high on Monday.
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