From Military.com:

Sig Sauer beat out Glock Inc., FN America and Beretta USA, the maker of the current M9 service pistol, to win the MHS contract that’s worth up to $580 million.

“The Army determined that this MHS (full size handgun, compact handgun, ammunition, and ancillary components) was the best value in terms of its performance capability, the terms and conditions of the vendor’s proposal, and price,” according to the release.