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PAE (NASDAQ: PAE, PAEWW) has announced the cancellation of its upcoming webcast and conference call originally scheduled for November 4, 2021. This decision is linked to the company's pending acquisition by Amentum Government Services Holdings LLC. PAE will release its third quarter 2021 financial results before the market opens on the same day. Founded over 66 years ago, PAE provides operational support services globally, employing around 20,000 personnel across 60 countries.
Amentum Holdings LLC and PAE Incorporated have announced a definitive agreement for Amentum to acquire PAE in an all-cash transaction valued at approximately $1.9 billion. The merger combines PAE's and Amentum's expertise in critical services for U.S. federal and allied governments, resulting in over $9 billion in combined revenue. The acquisition is expected to enhance Amentum's capabilities and deepen its relationships with significant government agencies. Approval from PAE's shareholders and regulatory bodies is pending, with a projected closing date by the end of Q1 2022.
PAE Incorporated announced an acquisition by Amentum Government Services Holdings LLC, valued at approximately $1.9 billion, including debt assumption. Shareholders will receive $10.05 per share, representing a 70% premium over the October 22 closing price. The deal is subject to shareholder and regulatory approvals. PAE's Board unanimously supports the merger, citing significant shareholder value. Amentum aims to enhance operational capabilities and expand service offerings. The acquisition is expected to close by the end of Q1 2022.
On November 4, 2021, PAE (NASDAQ: PAE, PAEWW) will conduct a webcast and conference call at 8 a.m. ET to discuss its third quarter 2021 financial results. A press release will be issued prior to the call, and an archive of the webcast will be available on the PAE Investor Relations website for one year. Participants are encouraged to join the webcast due to increased teleconference volumes globally attributed to COVID-19. PAE has been providing operational support services for over 65 years with a workforce of approximately 20,000 globally.
PAE has recognized its Senior Technical Advisor, Walter Rutledge, Ph.D., with the Wright Brothers Lecture in Aeronautics Award for his contributions to hypersonics. Rutledge's lecture, ‘Hypersonics for National Security: Conventional Prompt Strike,’ was delivered at a classified forum in September. Interim President and CEO Charlie Peiffer noted that this accolade reflects the technical capabilities of CENTRA Technology, PAE's recent acquisition, enhancing national security through advanced hypersonic research.
PAE (NASDAQ: PAE, PAEWW) has secured a $98 million sole-source contract from the Naval Air Warfare Center Aircraft Division. This 18-month contract involves contractor logistics support for 43 F-5 fighter aircraft, ensuring they remain mission-ready. The support will be provided across multiple locations, including Naval Air Station Key West and Marine Corps Air Station Yuma, through January 2023. Interim President and CEO Charlie Peiffer emphasized PAE's unique expertise in fulfilling the contract while maintaining a strong relationship with the U.S. Navy.
PAE (NASDAQ: PAE, PAEWW) has confirmed its position on the U.S. Air Force Rotary Wing Maintenance Contract Consolidation contract after the U.S. Government Accountability Office dismissed a bid protest from a competitor. This indefinite delivery, indefinite quantity contract has a ceiling value of $835 million over ten years. The Air Force reinstated an initial five-year task order worth $84.3 million to support helicopter maintenance for training at Kirtland Air Force Base, New Mexico, demonstrating PAE's strong fleet management capabilities.
PAE (NASDAQ: PAE, PAEWW) has secured a $28 million task order from the U.S. Department of Defense under its Counternarcotics and Global Threats contract. The company will provide program management, operations, and maintenance for systems aimed at detecting and monitoring illicit drug transit. This four-year task order focuses on maintaining radar systems in South and Central America, reinforcing PAE's role in national security initiatives against drug trafficking.
Macfadden, a subsidiary of PAE (NASDAQ: PAE, PAEWW), has secured a task order valued at $177.5 million under the USAID Humanitarian Assistance Support Contract. This task order aims to enhance USAID's Bureau for Humanitarian Assistance's (BHA) capability to respond to global crises. Macfadden will provide critical administrative and operational services, aiding USAID in coordinating disaster relief. The partnership underscores PAE's ongoing commitment to humanitarian efforts, as highlighted by Interim President and CEO Charlie Peiffer.
PAE Incorporated reported a second-quarter revenue of $747.2 million, a 16.2% increase year-over-year, driven by recent acquisitions and new business awards. The operating income was $30.8 million, down from the prior year's $34.3 million, largely due to increased expenses. A net income of $14.4 million was achieved, reversing a loss from the previous year. The company maintained its 2021 financial guidance, projecting revenues between $3,050 million and $3,150 million. Cash flow from operations was negative $11.9 million, reflecting timing of customer payments.
