Jacobs Engineering, a subsidiary of S&C client Jacobs Solutions, disposed of approximately £240 million ($312 million) of common stock of Amentum Holdings through an equity-for-debt exchange with Bank of America.
The disposition consisted of the eight percent equity interest in Amentum that Jacobs Engineering held following the spin-off of Jacobs’ Critical Mission Solutions and Cyber & Intelligence government services businesses and merger in a private Reverse Morris Trust transaction with Amentum Parent Holdings in September 2024. As a result of the exchange, Jacobs Engineering retired £240 million of debt obligations it acquired from Bank of America.
Following the exchange, BofA Securities sold the Amentum common stock in a registered public offering.
Jacobs provides end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. Amentum is a global leader in advanced engineering and innovative technology solutions.
The S&C team advising Jacobs included Patrick Brown, Alan Fishman, Renata Mascarenhas and Cami Steckbeck. Davis Wang and Gregg Rader advised on tax matters. Tracey Russell advised on FINRA-related matters.