Amentum has announced the successful completion of its merger with the Critical Mission Solutions and Cyber and Intelligence divisions of Jacobs Solutions Inc. (“Jacobs”). This merger establishes Amentum as a global leader in advanced engineering and innovative technology solutions, strategically positioned to tackle the most significant and complex challenges faced by its clients. Beginning Monday, September 30, Amentum will trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “AMTM.” Additionally, the Company’s executive team is set to ring the Opening Bell at the NYSE on Tuesday, October 1.
Based in Chantilly, Virginia, Amentum is a premier global engineering and technology services provider, serving the U.S. Government and its allies. The Company offers comprehensive lifecycle solutions across five core sectors: environment, space, intelligence, defense, and civilian operations. With a robust workforce of over 53,000 employees in nearly 80 countries, Amentum boasts extensive global reach and capability.
Amentum CEO John Heller stated, “The completion of this transformational merger creates a global leader committed to advancing the future with a proven track record of superior performance and cutting-edge technologies to meet our customers’ challenges. With a century of success in delivering trusted solutions, Amentum enters the public market well-positioned for long-term growth, backed by a healthy financial profile, strong balance sheet, and significant cash generation. This is a monumental day for our business, and our employees are eager about the future and our continued success in delivering value to all our stakeholders as a public entity.”
Amentum is well-positioned to capture a $320 billion total addressable market and aims to accelerate growth in high-margin, technology-driven segments. With a leading backlog of $47 billion as of fiscal year 2023, the Company has clear visibility into future revenue growth, projecting an estimated $14 billion in revenue for fiscal year 2025.
Executive Chair Steve Demetriou remarked, “With over a century of legacy, Amentum has established a strong foundation of trust as a preferred partner to the U.S. Government and its allies globally. We are excited to unite two experienced and complementary teams, sharing a culture of collaboration and innovation to propel growth in a highly attractive industry. I look forward to partnering with John and the Board to guide Amentum into its next phase of development.”
The executive leadership team will be led by John Heller as Chief Executive Officer, with Dr. Steve Arnette as Chief Operating Officer, Travis Johnson as Chief Financial Officer, and Jill Bruning as Chief Technology Officer. Steve Demetriou will serve as Executive Chair of the Board, which consists of a highly qualified and diverse group of directors with substantial experience in public company leadership, government sectors, and operational and financial markets.
As part of the transaction’s closing, Jacobs’ shareholders will own 51% of the Company, while Jacobs will retain 7.5% of Amentum’s common shares. An additional 4.5% of shares, designated as “contingent consideration,” will be placed in escrow and released based on the attainment of specific fiscal year 2024 operating profit targets by Jacobs’ Critical Mission Solutions and Cyber Intelligence government services. Should Jacobs meet these conditions, the initial 0.5% of the outstanding shares will be released, with further contingent shares distributed pro rata to Jacobs’ shareholders. Any shares not claimed will revert to the former equity holders of Amentum.
Advisors
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC served as financial advisors, while Cravath, Swaine & Moore LLP and Arnold & Porter Kaye Scholer LLP acted as legal advisors for Amentum. Centerview Partners LLC and Perella Weinberg Partners LP provided financial advisory services to Jacobs, with legal counsel from Wachtell, Lipton, Rosen & Katz.
