- Jacobs (J, Financial) completes post-closing adjustments for the CMS Separation Transaction, acquiring $70 million and 7,299,065 Amentum shares.
- The cash received is utilized to reduce Jacobs' outstanding debt.
- Amentum shares will be distributed to Jacobs' shareholders, pending board approval.
Jacobs (J) has finalized the post-closing adjustments from the Critical Mission Solutions (CMS) Separation Transaction, acquiring $70 million in cash and 7,299,065 shares of Amentum Holdings (AMTM) common stock. This marks the completion of the separation transaction with only transition services and post-closing assistance ongoing.
The $70 million cash proceeds have been directed towards reducing Jacobs' outstanding debt, positioning the company to strengthen its financial standing. Furthermore, the 7,299,065 shares of Amentum, representing 3% ownership in the company, are scheduled to be distributed to Jacobs' shareholders on a pro rata basis, awaiting approval from the Jacobs' Board of Directors.
While the specific record date for the distribution has yet to be determined, this move aims to provide additional value to Jacobs' shareholders following the successful separation of its CMS division. This strategic adjustment underscores Jacobs' ongoing commitment to financial stability and shareholder value enhancement.
