Brief: Jacobs Announces Spin-Off And Merging Of Its Critical Mission Solutions And Cyber & Intelligence Government Services Businesses With Amentum

Jacobs Solutions

21/11/2023 03:38

Nov 20 (Reuters) - Jacobs Solutions Inc  J.N :
    * JACOBS TO SPIN-OFF AND MERGE ITS CRITICAL MISSION
SOLUTIONS AND
CYBER & INTELLIGENCE GOVERNMENT SERVICES BUSINESSES WITH
AMENTUM, CREATING AN INDEPENDENT, PUBLICLY TRADED COMPANY
    * SAYS JACOBS AND JACOBS' SHAREHOLDERS TO OWN UP TO 63% OF
NEW
COMBINED COMPANY
    * SAYS COMBINED COMPANY WILL CREATE NEW AND ENHANCED
OPPORTUNITIES
FOR EMPLOYEES OF BOTH BUSINESSES
    * JACOBS SOLUTIONS - TO RECEIVE $1 BILLION CASH DIVIDEND AT
CLOSING, PLUS ADDITIONAL VALUE AFTER CLOSING, THROUGH
DISPOSITION OF RETAINED STAKE IN COMBINED CO
    * UPON COMPLETION OF DEAL, JACOBS EXECUTIVE CHAIR STEVE
DEMETRIOU
WILL BECOME EXECUTIVE CHAIR OF COMBINED COMPANY.
    * JOHN HELLER, CURRENT CEO OF AMENTUM, WILL SERVE AS CEO OF
COMBINED COMPANY AND SIT ON COMBINED COMPANY'S BOARD
    * BOARD OF COMBINED COMPANY WILL INITIALLY BE COMPOSED OF AN
EQUAL
NUMBER OF DIRECTORS APPOINTED BY JACOBS AND AMENTUM
    * TRANSACTION TO DRIVE VALUE FOR JACOBS' SHAREHOLDERS,
INCLUDING
THROUGH AN ESTIMATED $50-70 MILLION OF NET COST SYNERGIES
    * TRANSACTION IS EXPECTED TO CLOSE IN SECOND HALF OF FISCAL
YEAR
2024

Source text for Eikon:  ID:nPn1LlgCGa 
Further company coverage:  J.N 

 ((Reuters.Briefs@thomsonreuters.com;))