Co-Founder of ManTech International Corporation (NasdaqGS:MANT), George Pedersen is exploring options for his controlling stake that include a sale of the U.S. defense contractor, which has a market value of more than $3 billion, people familiar with the matter said. The deliberations are part of Pedersen's estate planning, the sources said. Were the 85-year-old billionaire to pass away, the trust that holds his 32% stake in ManTech would no longer exercise voting control, according to regulatory filings.

Goldman Sachs Group Inc. has been retained to explore a sale of ManTech, the sources said. The investment bank has reached out to ManTech's peers such as Parsons Corporation (NYSE:PSN) and Leidos Holdings, Inc. (NYSE:LDOS), as well as private equity firms, to gauge potential acquisition interest, the sources added. The sources requested anonymity to discuss confidential deliberations and cautioned that no decision on a sale of ManTech has been made.

A ManTech spokesperson said the company does not comment on rumors, while spokespeople for Goldman Sachs and Leidos declined to comment. A Parsons spokesperson did not immediately respond to requests for comment.