Maximus to buy Agile Defense for $660 million cash, lifting leverage to 2.2x-2.3x
Maximus agreed on October 19, 2026 to acquire Agile Defense, LLC from Arclight Equity Holdings for $660 million in cash, subject to adjustments and up to $50 million in additional contingent payments tied to revenue milestones. The company also reported preliminary leverage of 2.2x to 2.3x including the deal, up from 1.7x excluding it, which it said remains within its 2x to 3x target range.
Key points
- Cash purchase price of $660 million, reduced by Agile Defense debt and certain transaction expenses, with possible earnout of up to $50 million over the twelve months after closing
- Preliminary debt-to-EBITDA ratio of 1.7x without the acquisition and between 2.2x and 2.3x including it, for the quarter ended September 30, 2026
- Expected closing in the first quarter of fiscal 2027; either party may terminate if the deal has not closed by December 18, 2026
- Shareholder approval is not required; the deal is subject to customary conditions including Hart-Scott-Rodino waiting period expiration
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 7, 2026, 11:17 PM ET, from the text of the filing and its press-release exhibits only.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.