FALLS CHURCH, Va., Feb. 15, 2022 (GLOBE NEWSWIRE) — PAE Incorporated today announced the completion of its acquisition by an affiliate of Amentum Government Services Holdings LLC for approximately $1.9 billion in cash, including the assumption of debt and certain fees. The Merger was previously announced on October 25, 2021, and PAE’s stockholders approved the Merger at a special meeting of stockholders held on February 10, 2022.
PAE Interim President and CEO Charlie Peiffer spoke about the historical significance of PAE joining forces with Amentum.
“Over the past 66 years, the PAE brand has become recognized for achieving success through global mission services around the world. Thanks to our new team at Amentum, we will continue to provide world-class support to our clients with the best growth opportunities for our employees. I would like to thank every employee for their continued commitment to our mission and I’m looking forward to our future at Amentum.”
As a result of the Merger, PAE common stock and warrants have ceased trading on, and will be delisted from, the Nasdaq stock exchange. Trading in PAE common stock and warrants was suspended prior to the opening of business today. Upon completion of the Merger, PAE stockholders became entitled to receive $10.05 in cash, without interest and less applicable withholding taxes, for each share of PAE common stock they own.
As provided in the Form 8-K filed by PAE with the Securities and Exchange Commission (the “SEC”) on February 15, 2022, upon the closing of the Merger, each warrant exercisable for shares of PAE common stock outstanding immediately prior to the closing was adjusted as described in the Notice to Holders of Company Warrants (available as Exhibit 99.3 to such Form 8-K).
About PAE
For more than 66 years, PAE has tackled the world’s toughest challenges to deliver agile and steadfast solutions to the U.S. government and host government partners. With a global workforce on all seven continents and in approximately 60 countries, PAE delivers a broad range of operational support services to meet the critical needs of our clients. Our headquarters is in Falls Church, Va. Find us online at pae.com, on Facebook, Twitter and LinkedIn.
About Amentum
Amentum is a premier global services partner supporting critical programs of national significance across defense, security, intelligence, energy, and environment. Amentum draws from a century-old heritage of operational excellence, mission focus, and successful execution underpinned by a strong culture of safety and ethics. Headquartered in Germantown, Md., Amentum employs approximately 57,000 people on all seven continents. Visit amentum.com to explore how Amentum delivers excellence for its customers’ most vital missions.
