Veritas Capital’s $3.4 Billion Acquisition of Northrop Grumman’s Federal IT and Mission Support Services Business

Schulte and Covington & Burling LLP advised Veritas Capital on the deal, while Cravath represented Northrop Grumman.

Veritas Capital executed its acquisition of the federal IT and mission support services business of global aerospace and defense technology company Northrop Grumman for $3.4 billion in cash. At the close of the transaction, Veritas expects to combine the business with its portfolio company Peraton, a provider of highly differentiated space, intelligence, cyber, defense, homeland security and communications capabilities, to create a leading government mission capability integrator and IT provider focused on delivering high-end technology-enabled services. The deal was announced in December 2020 and is expected to close in the first half of 2021.

Veritas Capital is a New York-based private-equity firm founded in 1992 that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers worldwide

The Schulte team advising Veritas Capital was led by M&A and securities partner Richard Presutti (Picture) and associate Lowell Dyer. The team also included finance & derivatives partner Antonio Diaz-Albertini and employment & employee benefits partner Ian Levin.

The Cravath team which advised Northrop Grumman was led by partners Faiza J. Saeed, George F. Schoen and Allison M. Wein and includes associates William F. Roegge, Matthew M. Kelly, P. Purun Cheong and Darien Pun on M&A matters; partner Michael S. Goldman and senior attorney Sarah F. Rosen on financing matters; partner Lauren Angelilli and associates Arvind Ravichandran and Duncan H. Hardell on tax matters; partner Jonathan J. Katz, practice area attorney Sarah W. Colangelo and associates Matthew J. Bobby and Brendon J. Rivard on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters; and practice area attorney Anthony N. Magistrale and associate Rohan E. George on intellectual property matters. Joanna N. Melnick also worked on financing matters.

The Covington team is led by partner Scott Freling and special counsel Alex Hastings. The team also includes Darby Rourick, Nick Baer and Anna Menzel (government contracts); Heather Finstuen and Claire Kim (national security); Kim Strosnider and Lisa Ann Johnson (export controls); Mona Patel and Brian Fitzpatrick (anti-corruption); Trisha Anderson and B.J. Altvater (cybersecurity); Yaron Dori and Corey Walker (communications); Zachary Parks, Matt Shapanka, and Alexandra Langton (political law); and Alex Chinoy (customs).

Involved fees earner: B.J. Altvater – Covington & Burling; Trisha Anderson – Covington & Burling; Nicholas Baer – Covington & Burling; Alexander Chinoy – Covington & Burling; Yaron Dori – Covington & Burling; Heather Finstuen – Covington & Burling; Brian Fitzpatrick – Covington & Burling; Scott Freling – Covington & Burling; Alexander Hastings – Covington & Burling; Lisa Ann Johnson – Covington & Burling; Alexandra Langton – Covington & Burling; Anna Menzel – Covington & Burling; Zachary Parks – Covington & Burling; Mona Patel – Covington & Burling; Darby Rourick – Covington & Burling; Matthew Shapanka – Covington & Burling; Kimberly Strosnider – Covington & Burling; Corey Walker – Covington & Burling; Lauren Angelilli – Cravath Swaine & Moore; Laurel Berkowitz – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Purun Cheong – Cravath Swaine & Moore; Sarah Colangelo – Cravath Swaine & Moore; Darien Pun – Cravath Swaine & Moore; Rohan George – Cravath Swaine & Moore; Michael Goldman – Cravath Swaine & Moore; Duncan Hardell – Cravath Swaine & Moore; Jonathan Katz – Cravath Swaine & Moore; Matthew Kelly – Cravath Swaine & Moore; Joyce Law – Cravath Swaine & Moore; Anthony N. Magistrale – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Arvind Ravichandran – Cravath Swaine & Moore; Brendon Rivard – Cravath Swaine & Moore; William Roegge – Cravath Swaine & Moore; Sarah Rosen – Cravath Swaine & Moore; Faiza Saeed – Cravath Swaine & Moore; George Schoen – Cravath Swaine & Moore; Allison Wein – Cravath Swaine & Moore; Antonio Diaz-Albertini – Schulte Roth & Zabel; Lowell Dyer – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; Richard Presutti – Schulte Roth & Zabel;

Law Firms: Covington & Burling; Cravath Swaine & Moore; Schulte Roth & Zabel;

Clients: Northrop Grumman Corporation; Veritas Capital ;

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Author: Ambrogio Visconti