Vectrus Inc. VEC, -9.01% announced Monday an agreement in which the facility and logistics services company will merge with Vertex Co., in a deal that values Vertex at about $2.1 billion. Vectrus stock, which was still inactive in premarket trading. closed Friday at $46.29 to imply a market capitalization of $542.9 million. Under terms of the deal, Vertex shareholders will own 62% of the combined company and Vectrus shareholders will own 38% upon closing, which is expected to occur in the third quarter of 2022. the combined company is expected to achieve annualized cost synergies of $20 million by 2024 through efficiencies in supply chain and contract management, shared information technology infrastructure and business systems. “The combination of Vectrus and Vertex will create a stronger, more diversified company and one of the leading providers of critical mission solutions and support to defense clients globally,” said Vectrus Chief Executive Chuck Prow. Vectrus stock has rallied 9.6% over the past three months while the S&P 500 SPX, -0.72% has shed 7.6%.
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