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DALLAS - Jacobs (NYSE:J) has concluded the post-closing adjustments for its previously announced merger with Amentum Holdings, Inc. (NYSE: AMTM), marking the final step in the transaction that spun off its Critical Mission Solutions and Cyber & Intelligence businesses. The company confirmed it received $70 million and is set to acquire 7,299,065 shares of Amentum common stock, which equates to a 3% stake in the now-publicly traded Amentum.
The financial adjustments stem from the CMS Separation Transaction, an agreement that structured the merger considerations and working-capital provisions. Jacobs has directed the $70 million towards reducing its outstanding debt. In addition, Jacobs is planning a pro rata distribution of the Amentum shares to its shareholders, pending approval from its Board of Directors. The record date for the distribution will be established by the Board. Amentum maintains a healthy liquidity position with a current ratio of 1.59, indicating strong ability to meet short-term obligations.
This transaction has been in effect since last year when Amentum became a publicly traded company. The completion of these final adjustments signifies the end of the merger process, with the exception of certain transition services and customary post-closure assistance still being provided by Jacobs.
Jacobs, a company with a focus on delivering solutions for complex challenges, boasts a yearly revenue of approximately $12 billion and employs nearly 45,000 people. It offers a wide range of services across sectors including advanced manufacturing, life sciences, and environmental management.
The press release also included typical forward-looking statements, cautioning that these are not guarantees of future performance and are subject to various risks and uncertainties. Such statements are based on management's current expectations and available data.
Investors and other interested parties are encouraged to follow Jacobs' official communication channels, including its website, for significant updates and material disclosures. For deeper insights into Amentum's performance, including 8 additional ProTips and comprehensive financial metrics, investors can access InvestingPro, which reveals the company's strong revenue of $9.82 billion and positive EBITDA of $622 million in the last twelve months.
The information for this article is based on a press release statement from Jacobs.
In other recent news, Amentum Holdings Inc. has released its unaudited pro forma financial statements for the fiscal year ending September 27, 2024. These statements, filed with the U.S. Securities and Exchange Commission, provide an adjusted view of the company's performance, reflecting certain significant transactions. Amentum has also set the price for its secondary stock offering at $16.50 per share, involving a debt-for-equity exchange with Jacobs Solutions Inc. The transaction is expected to close in March 2025, with Jacobs divesting its ownership in Amentum's common stock except for potential shares tied to performance milestones.
In a separate development, Amentum has partnered with Rivada Space Networks to create a secure satellite network for U.S. government operations. The Outernet, a constellation of 600 low earth orbit satellites, aims to enhance secure communications without relying on terrestrial gateways. Additionally, Goldman Sachs initiated coverage on Amentum with a Neutral rating and a price target of $21, acknowledging its potential for growth while noting current challenges such as slower growth and lower margins. These recent developments highlight Amentum's strategic moves in financial structuring and technological innovation.
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