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Spin-offs/Jacobs Solutions → Amentum Holdings (Jacobs' Critical Mission Solutions spin-co)

Amentum Holdings (Jacobs' Critical Mission Solutions spin-co)AMTM

Reverse Morris Trust from Jacobs Solutions (J) · Sep 27, 2024 · NYSE

Announced
—
Form 10 filed
Jul 15, 2024
Record date
Sep 23, 2024
Distributed
Sep 27, 2024
Ratio
1 : 1
Debt loaded
$1.1B
Cash to parent
—
Latest filing
Sep 13, 2024

one share of SpinCo for every share of Jacobs, with at least 80.1% of SpinCo distributed before the merger with Amentum

Documents

Form 10Information statementNew company filingsParent filings

Both companies today

The new company
Amentum Holdings (Jacobs' Critical Mission Solutions spin-co)AMTM
Market cap
$4.87B
Moat
Narrow
Quality
38
Price
$20.06
Fair value
$9.33
Price / FV
2.14×
The parent
Jacobs SolutionsJ
Market cap
$17.8B
Moat
Narrow
Quality
44
Price
$146.23
Fair value
$56.25
Price / FV
2.65×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Jacobs separated its Critical Mission Solutions business and the Cyber & Intelligence portion of Divergent Solutions and merged the spin-co with Amentum in a Reverse Morris Trust, creating Amentum Holdings, a government services contractor whose shares went to Jacobs shareholders and Amentum's owners.

Stated rationaleJacobs said the transaction would leave it a higher-margin consulting and engineering firm while giving the government services business Amentum's scale.

The four questions

The four-question write-up for Amentum Holdings (Jacobs' Critical Mission Solutions spin-co) is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.