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H Huntington Ingalls Industries Exhibit 99.1 NEWS RELEASE Contacts : Jerri Fuller Dickseski ( Media ) jerri.dickseski@hii-co.com 757-380-2341 Dwayne Blake ( Investors ) dwayne.blake@hii-co.com 757-380-2104 Huntington Ingalls Industries To Acquire Alion Science and Technology - Enhancing its National Security Solutions Portfolio Enhances technical capabilities and positions HII in high - growth mission - critical security solutions : C5ISR , advanced military training and simulation , artificial intelligence , big data and electronic warfare Provides high - end solutions critical to multi - domain distributed operations , well aligned with future U.S. Navy and Department of Defense modernization and readiness priorities Accelerates Technical Solutions growth rate to 7 % to 9 % CAGR through 2024 Expected to be significantly cash flow accretive in 2022 and GAAP EPS accretive in 2023 Conference call scheduled for 9:00 a.m. Eastern Time today to discuss transaction NEWPORT NEWS , Va . ( July 6 , 2021 ) -Huntington Ingalls Industries ( NYSE : HII ) announced today that it has entered into a definitive agreement to acquire Alion Science and Technology for $ 1.65 billion in cash from Veritas Capital , subject to customary adjustments . Alion is a high value - added , technology - driven solutions provider for the global defense marketplace . The transaction represents an enterprise value - to - expected 2022 adjusted EBITDA¹ multiple of approximately 12.2x . Alion will become part of Huntington Ingalls Industries ' Technical Solutions division . The transaction is expected to close in the second half of 2021 , subject to customary closing conditions . 1 Non - GAAP measure . See Exhibit B for definition and other information . Huntington Ingalls Industries 4101 Washington Ave. ⚫ Newport News , VA 23607 www.huntingtoningalls.com/media Page 1 of 5