Milbank LLP advised Veritas Capital, a longstanding investor in companies operating at the intersection of technology and government, and its portfolio company, Peraton, in connection with the take-private acquisition of Perspecta Inc., a leading U.S. government services provider. The all-cash transaction is valued at $7.1 billion.
Perspecta will combine with Peraton, a portfolio company of Veritas and a leading provider of trusted and highly differentiated national security solutions and technologies. In February 2021 Peraton completed its acquisition of Northrop Grumman’s IT and mission support services business for $3.4 billion. The combination of Perspecta, Peraton, and the legacy Northrop Grumman business creates a top government technology platform with end-to-end capabilities supporting missions of consequence and long-standing, franchise relationships across the federal and state and local governments. The combined company will operate under the Peraton name and will be led by Peraton Chairman, President & Chief Executive Officer, Stu Shea.
The Milbank deal team was led by Global Corporate partner Richard Presutti, along with associates Lowell Dyer and Kristen Lin. The team also included Global Capital Markets partner Antonio Diaz-Albertini, Executive Compensation and Employee Benefits partner Mike Shah and associate James Beebe and Tax partner Max Goodman.