Amentum Announces Agreement to Merge with Jacobs' Critical Mission Solutions and Cyber and Intelligence Businesses

CHANTILLY, Va. ~ Today, Amentum announced a definitive agreement to merge with Jacobs' Critical Mission Solutions (CMS) and Cyber and Intelligence (C&I) businesses, creating a new leader in systems integration and technology solutions. The combined organization will be a publicly traded company with $13 billion in revenue and more than 53,000 employees in 83 countries.

John Heller, CEO of Amentum, commented on the merger: "Uniting our great organizations – Amentum, CMS, and Cyber & Intelligence Solutions – creates a leading provider of systems integration and technology solutions with the talent, scope, scale and footprint to deliver excellence and a wider range of solutions for our clients. Our combined company will deliver extensive expertise in the government's highest priority areas of energy, space exploration, intelligence and analytics, and digital modernization. We look forward to the union of our strong teams and a bright future ahead."

The transaction was approved by the Jacobs board of directors and is subject to customary closing conditions including regulatory approvals. It is expected to close in the second half of fiscal year 2024.

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Upon completion of the deal, John Heller will serve as CEO of the combined company while Dr. Steve Arnette will serve as COO. Jacobs' current Executive Chair Steve Demetriou will become Executive Chair of the combined company. The board of directors will be composed of an equal number of directors appointed by Jacobs and Amentum while members of the senior management team will be drawn from both companies.

The strategic rationale behind this combination includes creating a leading pure play government technology solutions prime with ~$13 billion in combined revenue1; a stable revenue base with attractive diversified portfolio mix; highly complementary strengths; shared vision and aligned values; high visibility cost synergies; compelling financial profile; secure balance sheet with strong FCF; attractive deleveraging pathway; etc. J.P Morgan Securities LLC & Morgan Stanley & Co LLC are serving as financial advisors to Amentum while Cravath Swaine & Moore LLP is serving as legal advisor for them. Centerview Partners LLC & Perella Weinberg Partners LP are serving as financial advisors to Jacobs while Wachtell Lipton Rosen & Katz is serving as legal advisor for them. Goldman Sachs provided financial advice to Jacobs Board Of Directors for this merger agreement.

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