Converge Tech Agrees to C$1.3B Sale to H.I.G. Capital Affiliate

Dow Jones

Feb 07, 2025

By Adriano Marchese

Converge Technology Solutions said it has agreed to be acquired by an affiliate of Florida-based H.I.G. Capital in a deal with an enterprise value of about 1.3 billion Canadian dollars ($908.7 million).

Shareholders in the Canadian technology company will receive C$5.50 per share in cash, representing about a 56% premium to Thursday's closing price of C$3.53.

So far in the year, the stock has risen about 8% as of Thursday's close. Over the past 12 months, the stock is down about 25%.

Converge said its board unanimously approved the deal, and shareholders representing about 24% of its outstanding shares have entered into voting support agreements in favor of the transaction.

The transaction is expected to close in the second quarter of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 07, 2025 07:14 ET (12:14 GMT)

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Capital Affiliate\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-02-07 20:14</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Adriano Marchese \n</p>\n<pre>\n \n</pre>\n<p>\n  Converge Technology Solutions said it has agreed to be acquired by an affiliate of Florida-based H.I.G. Capital in a deal with an enterprise value of about 1.3 billion Canadian dollars ($908.7 million). \n</p>\n<p>\n  Shareholders in the Canadian technology company will receive C$5.50 per share in cash, representing about a 56% premium to Thursday's closing price of C$3.53. \n</p>\n<p>\n  So far in the year, the stock has risen about 8% as of Thursday's close. 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Over the past 12 months, the stock is down about 25%.Converge said its board unanimously approved the deal, and shareholders representing about 24% of its outstanding shares have entered into voting support agreements in favor of the transaction.The transaction is expected to close in the second quarter of this year.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"HIGA":"H.I.G. Acquisition Corp."},"translate_title":"Converge Tech同意以1.3 B加元出售给H.I.G.资本附属公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HIGA":1},"content_text":"By Adriano Marchese \n\n\n \n\n\n  Converge Technology Solutions said it has agreed to be acquired by an affiliate of Florida-based H.I.G. Capital in a deal with an enterprise value of about 1.3 billion Canadian dollars ($908.7 million). \n\n\n  Shareholders in the Canadian technology company will receive C$5.50 per share in cash, representing about a 56% premium to Thursday's closing price of C$3.53. \n\n\n  So far in the year, the stock has risen about 8% as of Thursday's close. Over the past 12 months, the stock is down about 25%. \n\n\n  Converge said its board unanimously approved the deal, and shareholders representing about 24% of its outstanding shares have entered into voting support agreements in favor of the transaction. \n\n\n  The transaction is expected to close in the second quarter of this year. \n\n\n \n\n\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 07, 2025 07:14 ET (12:14 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}