Acquirer: BC Partners (United Kingdom)
Acquired: Presidio, Inc. (US)
Value: Approx. US$2.2 billion
Industry: Technology Services; Network and Data Solutions
On August 14, 2019, Presidio, Inc. entered into a merger agreement with BCEC – Port Holdings (Delaware), LP, and Port Merger Sub, Inc., a wholly owned subsidiary of BCEC – Port Holdings (Delaware), LP pursuant to which Port Merger Sub, Inc. will merge with and into Presidio, Inc., continuing as an indirect wholly owned subsidiary of BCEC – Port Holdings (Delaware), LP. (Presidio, Inc., Form 8-K, Aug. 14, 2019, SEC Filing.) BCEC – Port Holdings (Delaware), LP, and Port Merger Sub, Inc., are "affiliates of funds advised by BC Partners Advisors L.P." ("BC Partners"). (Id.) "Presidio is a leading North American IT solutions provider focused on Digital Infrastructure, Cloud and Security solutions to create agile, secure infrastructure platforms for commercial and public sector customers." (Press Release, Presidio, Inc., Form 8-K, Ex-99.1, Aug. 14, 2019, SEC Filing.) "BC Partners is a leading international investment firm with over €22 billion of assets under management in private equity, private credit and real estate." (Id.) Completion of the merger was subject to the "approval from the Committee on Foreign Investment in the United States." (Presidio, Inc., Form 8-K, Aug. 14, 2019, SEC Filing; see Section 7.1(d), Agreement and Plan of Merger, id., Ex-2.1.) On December 19, 2019, Presidio, Inc., "announced the completion of its acquisition by affiliates of funds advised by BC Partners in an all-cash transaction valued at approximately $2.2 billion, including Presidio's net debt." (Press Release, Presidio, Inc., Form 8-K, Ex-99.1, Dec. 19, 2019, SEC Filing.)
BC Partners recently participated in an acquisition of a similar company that was cleared by CFIUS in 2017. (See our post on CenturyLink.)
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