Jacobs provides update on planned separation of CMS business

The company said, “On May 9, Jacobs announced its intent to pursue a separation of the Critical Mission Solutions (“CMS”) business. The company continues to make significant progress on the many activities associated with the separation. In addition, following the announcement, there has been positive interest from multiple outside parties. We are currently evaluating this interest consistent with our commitment to maximize shareholder value. As previously communicated, the spin-off, which is subject to customary conditions, is expected to be completed in fiscal 2024. Jacobs is committed to maintaining an investment grade profile for Jacobs following the separation. The proposed capital structure, governance and other matters relating to CMS are still being determined and will be communicated at a later date.”