BUZZ-Defense contractor V2X slips as PE firm divests stake in $149 mln secondary offering

Morgan Stanley
V2X Inc

Morgan Stanley

MS

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V2X Inc

VVX

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** Aerospace and defense contractor V2X Inc VVX.N shares down 1.9% premarket at $74 after $149 mln secondary offering priced

** Reston, Virginia-based co late Thurs announced Vertex Aerospace Holdco, which is run by private equity firm American Industrial Partners, parted with ~2 mln shares at $74.35

** Offering priced at 1.4% discount to stock's last sale on Thurs

** Post offering, Vertex Aerospace will no longer own any VVX stock. But an entity affiliated with Vertex Aerospace will continue to own 375,420 shares, or about 1.2% of co's total shares outstanding

** Morgan Stanley sole underwriter for offering

** At Thurs close, VVX shares up 38% YTD. They hit record intraday high of $78.36 on Tues

** Of 12 analysts covering the stock, recommendation breakdown is 8 "strong buy" or "buy", 2 "hold" and 2 "sell"; median PT $78.50, per LSEG data