The $720M cash acquisition of Ultra Mission Solutions is a bolt-on that strengthens BAH's defense technology portfolio with mission-critical C2, edge-compute, and encryption products. The expected revenue growth rate (strong double-digit) and EBITDA margins (>20%) are accretive to BAH's current profile. Watch for HSR clearance timing and any integration risks. The stock should re-rate on the strategic fit and financial profile of the target.
Price Chart
Executive Summary
Booz Allen Hamilton (BAH) has entered into a definitive agreement to acquire Ultra I&C Mission Solutions (Ultra Mission Solutions) from Advent portfolio company Cobham Ultra Group for $720 million in cash. The acquisition adds mission-critical software, encryption, and edge-compute defense products to BAH's portfolio, with expected revenue growth at a strong double-digit rate and EBITDA margins well above 20%. The transaction is expected to close in BAH's fiscal Q2 2027 (by September 30, 2026), subject to HSR and other customary closing conditions.
Key Financial Metrics
Key Facts
- Purchase price: $720 million in cash (Enterprise Value), subject to customary working capital and debt adjustments
- Target: Ultra I&C Mission Solutions (Ultra Mission Solutions), a defense technology business specializing in mission-critical software, encryption, and edge-compute products
- Seller: Ultra I&C Holdings Limited (owned by Advent International via Cobham Ultra Group)
- Expected close: BAH's fiscal Q2 2027 (quarter ending September 30, 2026)
- BAH expects revenue from the acquisition to grow at a strong double-digit rate with EBITDA margins well above 20%
- Ultra Mission Solutions employs ~220 people, including ~135 engineers, across five U.S. facilities
- Transaction subject to HSR Act waiting period and other customary regulatory approvals
- Termination date if not closed: December 19, 2026
- BAH represented by Jefferies (financial), King & Spalding (legal); Seller represented by Baird (financial), Latham & Watkins (legal)
Financial Impact
$720 million enterprise value acquisition; BAH expects strong double-digit revenue growth and EBITDA margins well above 20% from the acquired business
Risk Factors
- HSR review could delay or impose conditions on closing
- Integration risk combining Ultra's ~220 employees and five facilities into BAH
- Customer concentration risk — Ultra serves U.S. Army, Air Force, Navy, and allied programs
- Execution risk on achieving projected growth rates and margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-076094 |
| Document: tm2618424d1_8k.htm | 0001104659-26-076094 |
| Document: tm2618424d1_ex99-1.htm | 0001104659-26-076094 |
| Document: 0001104659-26-076094-index-headers.html | 0001104659-26-076094 |
| Document: 0001104659-26-076094-index.html | 0001104659-26-076094 |
| Document: 0001104659-26-076094.txt | 0001104659-26-076094 |
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