--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-26-210245" form_type: "8-K" ticker: "VSEC" cik: "0000102752" company_name: "VSE CORP" filed_at: "2026-05-07T23:59:59+00:00" generated_at: "2026-05-14T21:19:39.983704+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # VSE completes $2.025B acquisition of Precision Aviation Group; 2025 revenue pro forma +50% ## Summary - $1.75B cash + ~$275M equity to GenNx360; up to $125M earnout based on 2026 profitability. - New $900M Term Loan B (2033 maturity) and revolver upsized to $500M (2030) used to fund acquisition. - PAG had 2025 revenue of $595.6M, net income $16.6M; combined entity spans 61 locations, 48 repair facilities. - Transaction expected to be immediately accretive to Adj. EBITDA margins; path to >20% consolidated margins. - Q1 2026 earnings released same day; integration focus on cross-selling, repair insourcing, procurement. ## SEC filing metadata - accession: 0001193125-26-210245 - form_type: 8-K - ticker: VSEC - cik: 0000102752 - company_name: VSE CORP - filed_at: 2026-05-07T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 2.01, 1.01, 2.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/d115996d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-26-210245 - JSON: https://secwatch.observer/filing/0001193125-26-210245.json - Plain text: https://secwatch.observer/filing/0001193125-26-210245.txt ## Source-grounded claims - claim_id: 34a1f3d8d91304b570c72705aaca24cf2261f242 claim: VSE CORP amended revolving credit of $500.0 million at Term SOFR Rate plus 1.25%-2.25% or ABR plus 0.25%-1.25% maturing May 2, 2030. evidence_excerpt: (ii) an upsize to the Company's existing senior secured revolving credit facility from $400.0 million to $500.0 million evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: 68afc33e45260940dd6ae70145691ab173d66a8a claim: VSE CORP incurred term loan of $900.0 million at Term SOFR Rate plus 2.00% or ABR plus 1.00% maturing May 5, 2033. evidence_excerpt: The First Amendment provides for, among other things, (i) a new senior secured term loan B facility in an aggregate principal amount of $900.0 million evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: 2a2c014cde287e5f951b3b9473669425e6fe2079 claim: VSE CORP completed an acquisition involving GenNx360 PAG Buyer, LLC (Seller) for $2.025 billion (closed 2026-05-05). evidence_excerpt: On May 5, 2026, pursuant to the Purchase Agreement, VSE acquired all of the capital stock of PAG HoldCo from the Seller for an up-front consideration equal to $2.025 billion evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: 0d3c05ca4003c256d4946a89e8b2024c7a00ce5a claim: VSE CORP entered into Lock-Up Agreements with Seller (effective 2026-05-05). evidence_excerpt: On May 5, 2026, in connection with the Closing, VSE and Seller entered into (i) a lock-up agreement covering the shares to be issued to Seller pursuant to the Exchange Agreement (the “Closing Lock-Up Agreement”) and (ii) a lock-up agreement covering any shares to be issued to Seller pursuant to the Purchase Agreement as an Earnout Payment (as defined herein) (the “Earnout Lock-Up Agreement” evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: 12ca29cb41773a8f3ca7230186e5cea66d64588d claim: VSE CORP entered into Exchange Agreement with Rollover Purchaser and Seller (effective 2026-05-05). evidence_excerpt: On May 5, 2026, in connection with the Closing, VSE, Rollover Purchaser and Seller entered into an exchange and redemption agreement (the “Exchange Agreement”) evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: e35a40188ba935bca48a183172ff94728e7342e8 claim: VSE CORP amended First Amendment with Citizens Bank, N.A., as revolver administrative agent and collateral agent, and Royal Bank of Canada, as term loan B agent valued at $900.0 million (effective 2026-05-05). evidence_excerpt: On May 5, 2026, the Company, as the borrower, and its domestic wholly owned subsidiaries, as guarantors (collectively, together with the Company, the “Loan Parties”), entered into a first amendment (the “First Amendment”) to its existing senior secured credit agreement, dated as of May 2, 2025 (as amended and restated, supplemented or otherwise modified, the “Credit Agreement”), with certain banks and financial institutions as lenders (the “Lenders”), Citizens Bank, N.A., as revolver administrative agent and collateral agent, and Royal Bank of Canada, as term loan B agent evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm - claim_id: f579c52c370d083d40e6a0aea876f9d2a8f33358 claim: VSE CORP entered into Registration Rights Agreement with Seller (effective 2026-05-05). evidence_excerpt: On May 5, 2026, in connection with the Closing, VSE and Seller entered into a registration rights agreement (the “Registration Rights Agreement”) evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000119312526210245/0001193125-26-210245-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.