Global law firm Ashurst has advised QinetiQ Group plc (“QinetiQ”) on a new £350 million debt facility for their proposed acquisition of Avantus Federal LLC (Avantus) from NewSpring Holdings, for an enterprise value of $590 million (£483 million).
The acquisition will be funded through a combination of cash on QinetiQ’s balance sheet and the proceeds of the new debt facility. The closing is subject to customary conditions, including regulatory approvals and is expected to close in H2 FY23.
Avantus is a leading provider of mission-focused data, cyber and space solutions to the US Intelligence Community, the Department of Defense, Department of ³Ô¹ÏÍøÕ¾land Security and other law enforcement and civilian agencies. The acquisition will transform QinetiQ’s US business with complementary capabilities to create a platform to accelerate growth in high priority segments aligned with US national security mission
The Ashurst team was led by partner Tim Rennie with support from senior associate Asil Robertson, associate Miles Tuckfield, with counsel Matthew Haist and senior associate Misha Daha.
