Defense contractor Vectrus Inc. and government services company Vertex Inc. are moving forward with a $2.1 billion merger that will move the rebranded company’s headquarters to Northern Virginia.
The combined company will be called V2X Inc. and it will trade on the New York Stock Exchange under the symbol “VVX.” V2X is expected to be based in McLean, where Vectrus already has an office at 7901 Jones Branch Drive.
Vectrus, which is currently headquartered in Colorado Springs, Colorado, said Wednesday its shareholders approved the merger transaction, which was first announced in March. Under terms of the deal, shareholders in Madison, Mississippi-headquartered Vertex will own approximately 62% of the combined company, while Vectrus shareholders will own approximately 38%.
Vectrus specializes in logistics, IT maintenance and military base operations. Vertex is focused on aircraft maintenance, systems engineering and training.
Vertex, which was once part of L3 Technologies, is owned by New York private equity firm American Industrial Partners. Vectrus was formerly part of Exelis.
The two contractors posted $3.4 billion in combined revenue last year and employ a total of 14,000 workers across their ranks.
The deal is expected to close in the third quarter.