Presidio acquired by BC PARTNERS

In August 2019, BC Partners entered into a definitive agreement to take private US-based Presidio, previously traded on NASDAQ under the ticker PSDO. The transaction is structured as an all-cash tender offering $16.00 per common share to target stockholders, representing a 21.3% premium over the closing price recorded on August 13, 2019. The agreement values the company at $2.1B, reflecting an EBITDA multiple of 8.9x. Institutional investor AP VIII Aegis Holdings, affiliated with funds managed by Apollo Global Management and holder of approximately 42% of Presidio's equity capital, executed a voting support agreement in favor of the merger. The agreement incorporates a 40-day go-shop solicitation period granted to the board of directors led by chief executive Bob Cagnazzi, subject to applicable regulatory approvals, including the expiration of the statutory waiting period under the Hart-Scott-Rodino Act and foreign investment clearance from CFIUS. Fully committed debt financing is provided by Citi, JPMorgan Chase Bank, and RBC Capital Markets. Financial advisors to the acquirer are Citi, J.P. Morgan Securities, and RBC Capital Markets, assisted by Kirkland & Ellis on legal matters. Presidio is advised by LionTree Advisors for financial evaluation and by Wachtell, Lipton, Rosen & Katz for legal counsel, with the final delisting scheduled for completion in the fourth quarter of 2019.