Vertex trims Y2X stake for third time
V2X shareholder Vertex Aerospace made yet another expected return to the ECM, raising US$124.4m in its latest selldown of the defence and government services provider.
RBC Capital Markets offloaded its purchase of 2.25m shares at US$55.30, a 2% discount to the US$56.41 Tuesday closing share price. The bank, which paid US$55 a share on the negotiated purchase, launched and priced the offering ahead of the US market open on Wednesday.
The aerospace and defence company eased the task by agreeing to purchase about 360,000 of the shares sold in the offering.
V2X shares closed Thursday's session at US$54.34, well below offer.
Vertex inherited a 62% stake in V2X when Vectrus merged with Vertex in 2022, winning five spots on the 11-member board of directors.
Vertex trimmed its V2X stake to just under 20% and agreed to vacate two board seats following the recent selldown.
This is the third time this year Vertex has sold down its holdings in V2X, after selling 4m shares combined through registered deals in May and August.
In the third quarter, V2X generated US$85.2m of adjusted Ebitda while growing revenue by 8% to US$1.17bn. The company narrowed full-year 2025 Ebitda and revenue guidance to US$312m–$320m and US$4.43bn–$4.5bn.