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PAE Incorporated has completed its acquisition by Amentum Government Services Holdings LLC for approximately $1.9 billion. This includes cash payment and debt assumptions, with shareholders receiving $10.05 per share. The merger was approved by PAE's stockholders on February 10, 2022, and trading of PAE common stock was halted and will cease on the Nasdaq. Interim President and CEO Charlie Peiffer emphasized the merger's significance for future growth and mission support.
PAE Incorporated announced a successful stockholder vote approving the acquisition by Amentum Government Services Holdings. Over 86% of PAE's common stock was voted in favor during a special meeting held on February 10, 2022. With all required approvals received, the transaction is expected to close around February 15, 2022. This acquisition may enhance PAE's service offerings and operational capabilities, leveraging Amentum's resources in the government services sector.
On February 2, 2022, PAE-Perini LLC was awarded a task order worth $63.8 million under the Air Force Contract Augmentation Program V to provide civil engineer base operating support at Al Udeid Air Base, Qatar. The one-year contract, starting March 1, 2022, includes four optional 12-month extensions and will cover facility operations, maintenance, and repair services for approximately 945 facilities. This award reflects PAE-Perini's commitment to supporting U.S. deployed forces globally, combining PAE's expertise in contingency operations with Perini's construction capabilities.
PAE (NASDAQ: PAE, PAEWW) has received the AS9100D certification, a significant achievement recognizing its commitment to quality in aviation, space, and defense sectors. Interim President Charlie Peiffer emphasized this certification reflects PAE’s leadership in aerospace innovation and enhances its competitiveness for complex contracts. The certification was awarded following a thorough audit by the British Standards Institution, confirming PAE's adherence to quality management standards. This milestone positions PAE to better meet customer needs and expand its operational capabilities.
PAE Incorporated announced a virtual special meeting of stockholders on February 10, 2022, to discuss the proposed $1.9 billion acquisition by Amentum Government Services. Stockholders will vote on the Merger Agreement dated October 25, 2021, and related proposals. The meeting is for holders of Class A common stock as of January 7, 2022. If approved, the merger is expected to close shortly after. Additional information on voting and the proxy statement can be accessed via the SEC's website and PAE’s investor relations page.
PAE (NASDAQ: PAE, PAEWW) has achieved two key ISO certifications: ISO 45001:2018 for Occupational Health and Safety Management Systems and ISO 14001:2015 for Environmental Management Systems. These certifications were the result of significant efforts by the company's Occupational Health, Environment, and Safety team as part of the Ready, Set, Protect initiative. Interim President Charlie Peiffer emphasized the strategic goal of meeting these standards to demonstrate PAE's commitment to employee safety and environmental performance. The ISO audit praised PAE's management systems and leadership commitment.
Bravour Leistungen GmbH, a subsidiary of PAE, has secured a €95 million (about $107.4 million) contract from the NATO Support and Procurement Agency. This three-year contract, which can be extended by two optional years, involves providing services for U.S. military vehicles across Europe. The contract highlights PAE's expanding support for NATO missions and involves additional services in hazardous material management and quality assurance.
PAE Incorporated announced the expiration of the 'go-shop' period for its acquisition by Amentum, in an all-cash deal valued at approximately $1.9 billion. The go-shop period ended at 12:01 a.m. on November 29, 2021, without receiving alternative acquisition proposals from third parties. The transaction is expected to close in the first quarter of 2022, pending shareholder and regulatory approvals. After completion, PAE common stock will be delisted from public markets.
PAE (NASDAQ: PAE, PAEWW) announced a $63.5 million contract to support the U.S. Postal Service at the Mail Transport Equipment Service Center in Los Angeles. This three-year base contract, extendable to seven years, encompasses the management and processing of mail transport equipment. Interim President and CEO Charlie Peiffer emphasized the company's commitment to enhancing USPS operations through proven innovations and continuous improvement practices, building on PAE's long history with USPS facilities since 1998.
PAE Incorporated reported its third-quarter 2021 results, achieving revenues of $689.5 million, a 3.5% increase year-over-year. The operating income was $26.0 million, down from $28.5 million the previous year, while net income rose to $29.8 million or $0.31 per share, aided by changes in fair value of warrants. The company announced a merger with Amentum, converting shares to $10.05 in cash per share. Notably, the company canceled its earnings call and suspended guidance due to the merger, citing $69 million in adverse effects from Afghanistan demobilization.
