Huntington Ingalls Industries’ $1.65 Billion Acquisition of Alion Science and Technology Corporation

Credit Suisse acted as financial advisor and Jones Day served as legal counsel to Huntington Ingalls Industries.
Renaissance Strategic Advisors and Arena Strategic Advisors acted as advisors to Huntington Ingalls Industries.
Macquarie Capital acted as financial advisor and Milbank served as legal counsel to Alion Science and Technology.

Huntington Ingalls Industries (NYSE:HII) announced that it has entered into a definitive agreement to acquire Alion Science and Technology for $1.65 billion in cash from Veritas Capital, subject to customary adjustments. Alion is a high value-added, technology-driven solutions provider for the global defense marketplace. The transaction represents an enterprise value-to-expected 2022 adjusted EBITDA1 multiple of approximately 12.2x. Alion will become part of Huntington Ingalls Industries’ Technical Solutions division. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.

Alion provides advanced engineering and R&D services in the areas of ISR, military training and simulation, cyber, data analytics and other next-generation technology based solutions to the DOD and intelligence community customers, with the U.S. Navy representing about one third of current annual revenues. Alion is poised for continued strong growth with over $3 billion in backlog today, with more than $5 billion in estimated contract value and a robust opportunity pipeline. Alion has more than 3,200 employees with over 80% of employees maintaining security clearances.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry.

The Jones Day team was led by Bob Profusek (New York, Picture) and Dotun Obadina (Minneapolis).

The Milbank deal team was led by Global Corporate partners Richard Presutti and Iliana Ongun with associate Lowell Dyer. The team also included Global Capital Markets partner Antonio Diaz-Albertini, Executive Compensation and Employee Benefits partner Mike Shah and Tax partner Max Goodman.

 

 

 

 

 

Involved fees earner: Dotun Obadina – Jones Day; Robert Profusek – Jones Day; Antonio Diaz-Albertini – Milbank LLP; Lowell Dyer – Milbank LLP; Max Goodman – Milbank LLP; Iliana Ongun – Milbank LLP; Richard Presutti – Milbank LLP; Mike Shah – Milbank LLP;

Law Firms: Jones Day; Milbank LLP;

Clients: Huntington Ingalls Industries; Veritas Capital ;

Martina Bellini

Author: Martina Bellini