Christine Thropp
Vectrus has completed its all-stock merger with Vertex and formed V2X, a more diversified company that will provide defense, civilian, national security and international customers with mission support offerings.
“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,” Chuck Prow, CEO of V2X and a 2022 Wash100 Award recipient, said in a notice published Tuesday.
The rebranded company will retain six members of Vectrus’ board of directors namely Prow, Mary Howell, Melvin Parker, Eric Pillmore, Stephen Waechter and Phillip Widman, and welcome five other board members from Vertex: Ed Boyington, Dino Cusumano, Lee Evangelakos, Joel Rotroff and Neil Snyder. Howell will chair the V2X board.
Northern Virginia-based V2X will start trading its common stock on the New York Stock Exchange under the ticker symbol “VVX” on Friday.
The merger agreement was announced in March and Vectrus shareholders approved the transaction in mid-June. It was decided that 62 percent of the combined company will be held by Vertex shareholders while the remaining 38 percent will be owned by Vectrus shareholders.
Vectrus employed Goldman Sachs & Co. as exclusive financial adviser; Skadden, Arps, Slate, Meagher & Flom and Covington & Burling as legal counsel; and Ernst & Young and Wolf Den Associates as advisers. Meanwhile, Vertex tapped RBC Capital Markets and Evercore as financial advisers; Jones Day, Baker Botts and Ropes & Gray as legal counsel; and Fairmont Consulting Group as adviser.
