secwatch.observer — SEC 8-K summary
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Issuer:     VSE CORP (VSEC)
CIK:        0000102752
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0000102752-24-000008
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VSE Corp Announces Acquisition of Turbine Controls, Divestiture of Federal & Defense, and Fleet Strategic Review
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- VSE entered definitive agreement to acquire Turbine Controls Inc. for ~$120M (cash and stock), expected Q2 2024.
- Completed sale of substantially all Federal & Defense segment assets for $44M cash, including working capital adjustments.
- Initiated strategic review of Fleet segment, with Jefferies LLC as financial advisor; may include a sale.
- Preliminary Q4 2023 revenue ~$235M, GAAP net income ~$13M, adjusted EBITDA ~$31M from continuing operations.
- Full-year 2023 preliminary revenue ~$860M, adjusted EBITDA ~$114M, free cash flow ~$(40)M; provides 2024 guidance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/102752/000010275224000008/0000102752-24-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/102752/000010275224000008/vsec-20240229.htm
  HTML page:      https://secwatch.observer/filing/0000102752-24-000008

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer