---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-270819"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2023-11-06T23:59:59+00:00"
generated_at: "2026-06-08T21:27:27.391708+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# BigBear.ai to acquire Pangiam for $70M in stock; combines Vision AI portfolios

## Summary
- Purchase price $70M payable solely in BigBear.ai common stock, at $1.3439 per share (20-day VWAP).
- Acquisition expands BigBear.ai’s customer base to airlines, airports, CBP; adds facial recognition & biometrics.
- Expected close Q1 2024, subject to stockholder approval, UK regulatory clearance, and other conditions.
- AE Industrial Partners owns majority of both companies; special committee approved the deal.
- Seller subject to one-year lockup on shares; BigBear.ai obtained representation and warranty insurance.

## SEC filing metadata
- accession: 0001193125-23-270819
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2023-11-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000119312523270819/0001193125-23-270819-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000119312523270819/d582197d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-270819
- JSON: https://secwatch.observer/filing/0001193125-23-270819.json
- Plain text: https://secwatch.observer/filing/0001193125-23-270819.txt

## Key facts
- Material Agreements
  BigBear.ai Holdings, Inc. entered into Merger Agreement with Pangiam Intermediate Holdings, LLC, AE Industrial Partners, LP and certain affiliates valued at $70 million (effective 2023-11-04).
  - Action: entry
  - Agreement: merger
  - Counterparty: Pangiam Intermediate Holdings, LLC, AE Industrial Partners, LP and certain affiliates
  - Value: $70 million
  - Effective: 2023-11-04
  source text: On November 4, 2023, BigBear.ai Holdings, Inc. (“BigBear.ai” or the “Company”) entered into an agreement and plan of mergers (the “Merger Agreement”) with Pangiam Merger Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”), Pangiam Purchaser, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company (“Pangiam Purchaser”), Pangiam Ultimate Holdings, LLC, a Delaware limited liability company (the “Seller”), and Pangiam Intermediate Holdings, LLC, a Delaware limited liability company (“Pangiam Intermediate”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1836981/000119312523270819/0001193125-23-270819-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.