Vectrus and Vertex are now one after the companies have completed their merger to create a new government services contractor with a new name.
But the now McLean, Virginia-headquartered V2X will not get its stock ticker symbol quite yet. The company will trade as “VEC” through Thursday and then take on the new symbol of “VVX” when markets open Friday.
“Through this transformative combination, we created a company with the scale and ability to compete for large integrated business opportunities by providing full life-cycle support across the converged environment,” V2X CEO Chuck Prow said in a release Monday.
First announced in March, the transaction creates a 14,000-employee company focused on providing technology-enabled services for government programs such as logistics and training. V2X also has highlighted aerospace and other platforms as a growth channel for the merged business.
Vertex’s now-former private equity owner American Industrial Partners holds approximately 62% of the combined company’s stock, while Vectrus’ shareholders have the remaining 38%.
The new company’s board of directors includes these six designated by Vectrus: chair Mary Howell, Melvin Parker, Eric Pillmore, Chuck Prow, Stephen Waechter and Phillip Widman. Panel members chosen by Vertex include its former CEO Ed Boyington, Dino Cusumano, Lee Evangelakos, Joel Rotroff and Neil Snyder.
Goldman Sachs is acting as exclusive financial adviser to Vectrus. Skadden and Covington are acting as legal counsel. Vectrus was also advised by Ernst & Young and Wolf Den Associates.
RBC Capital Markets and Evercore are acting as financial advisers to Vertex. Jones Day, Baker Botts and Ropes & Gray are acting as legal counsel. Vertex was also advised by Fairmont Consulting Group.