GDT acquired by Softcat

Softcat has signed a definitive agreement to acquire GDT. Structured as a two-step transaction involving a reverse subsidiary merger under Delaware law, the operation facilitates the complete exit of the seller consortium, formally represented by H.I.G. Capital, LLC and H.I.G. GDT, L.P. The secured debt package, orchestrated by a banking syndicate including J.P. Morgan Chase, Barclays, BNP Paribas, HSBC, and National Westminster Bank, consists of a £450 million revolving credit facility and a £100 million term loan. Following the closing of the transaction, the acquiring group anticipates its net debt leverage will temporarily increase to 1.3x, with active deleveraging protocols targeting a ratio below 1.0x by July 2028. The strategic rationale articulated by the acquiring board centers on internalizing established fulfillment capabilities in the United States, granting immediate capacity to service massive enterprise contracts requiring simultaneous transatlantic deployment across the $550-$650 billion North American IT market. To secure the financial perimeters of the deal, the buyer secured representation and warranty insurance and established a limited financial guarantee. Throughout the competitive acquisition process, Lazard & Co., Limited provided exclusive independent financial advice to the acquirer's non-executive directors. Concurrently, J.P. Morgan Securities, Barclays Bank, and Peel Hunt acted as joint corporate brokers and financial advisers for the broader capital structuring. Execution of the final share transfer remains strictly conditional upon the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period and formal clearance from the Committee on Foreign Investment in the United States, with finalization officially slated for the first quarter of 2027.