{"id":68765,"date":"2023-10-04T16:55:30","date_gmt":"2023-10-04T20:55:30","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-private-equity-firms-challenge-amentum-in-race-for-jacobs-unit-sources\/"},"modified":"2023-10-04T16:55:33","modified_gmt":"2023-10-04T20:55:33","slug":"us-private-equity-firms-challenge-amentum-in-race-for-jacobs-unit-sources","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68765","title":{"rendered":"US private equity firms challenge Amentum in race for Jacobs unit -sources"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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By David Carnevali<\/p>\n

NEW YORK (Reuters) – U.S. buyout firms Veritas Capital and Platinum Equity are vying to acquire Jacobs Solutions Inc’s government consulting business, competing against rival contractor Amentum, according to people familiar with the matter.<\/p>\n

Dallas-based Jacobs is seeking final offers this week for the unit, which is known as Critical Mission Solutions (CMS), and could be valued at more than $4 billion, the sources said. <\/p>\n

Veritas and Platinum Equity plan to make all-cash offers, while Amentum’s private equity owners Lindsay (NYSE:) Goldberg and American Securities intend to offer Amentum shares as part of their bid, the sources added.<\/p>\n

The sources, who asked not to be identified because details of the sale process are confidential, cautioned that no deal is certain. <\/p>\n

Jacobs announced in May it was exploring a tax-free spin-off to its shareholders of the CMS business, and it could choose to proceed with these plans as an alternative to a sale, according to the sources.<\/p>\n

Jacobs and Amentum declined to comment. Veritas and Platinum Equity did not respond to requests for comment.<\/p>\n

Jacobs CEO Robert Pragada said on the company’s latest quarterly call in August that “multiple” suitors had expressed interest in CMS. <\/p>\n

The CMS platform provides cybersecurity, data analytics and software application services and consulting to civilian, defense and intelligence clients in industries including space, national security, nuclear waste and 5G technology. <\/p>\n

The business, which generated $4.4 billion in revenue in its latest fiscal year, was awarded a $3.2 billion contract in February to support several NASA programs, including the Artemis II mission to the moon.<\/p>\n

Shedding CMS would leave Jacobs with its people and places solutions division, which provides transportation and environmental consulting to government entities and private sector clients, and PA Consulting, a management consulting business advising across several sectors. These operations generated $10.5 billion in revenue in Jacobs’ latest fiscal year. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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