Converge Secures Final Approval for H.I.G. Capital Acquisition
Converge Technology Solutions Receives Court Approval
Converge Technology Solutions Corp. (TSX: CTS) has recently achieved a significant milestone with the approval of an acquisition plan involving H.I.G. Capital. This news marks an essential turning point as it positions Converge for future growth and operational enhancement. The Ontario Superior Court of Justice granted the final order allowing 16728421 Canada Inc., an affiliate of H.I.G. Capital, to acquire all outstanding common shares of Converge, signifying a major step in the company's development.
Details of the Acquisition Arrangement
Understanding the Arrangement
The acquisition plan, referred to as the "Arrangement," entails H.I.G. Capital purchasing the shares of Converge, excluding those held by certain shareholders engaged in rollover agreements. This transaction is poised to close pending the fulfillment of specified conditions outlined in the arrangement agreement between Converge and the Purchaser. The expected completion of this transaction is around the end of April.
Regulatory Approvals Acquired
Converge proudly announces that all requisite regulatory clearance for the Arrangement has been secured, paving the way for a smooth transition. This achievement underscores the efforts made by both Converge and H.I.G. Capital, ensuring that each step aligns with industry standards and regulatory requirements.
Shareholder Support and Guidance
In the wake of the announcement, Converge has made provisions for shareholders seeking assistance in navigating the steps needed to submit their shares during the Arrangement process. Computershare Investor Services Inc. has been designated as the depositary for this undertaking, available to address any inquiries from shareholders wanting guidance during this transition.
About Converge Technology Solutions
Founded on the principle of reimagining IT for businesses, Converge Technology Solutions Corp. has been a trailblazer since its inception in 2017. By offering outcome-driven solutions, Converge seeks to tackle technology challenges faced by its clients. Its approach involves leveraging deep expertise and local connections to deliver top-notch IT and Cloud Solutions.
Empowering Businesses with Innovative Solutions
Utilizing advanced analytics, AI, cloud capabilities, and cybersecurity, Converge helps companies innovate and transform their operations. Known for its AIM (Advise, Implement, Manage) methodology, Converge's solutions are meticulously tailored to meet the individual needs of its customers, ensuring smooth integration with existing systems and promoting sustainable success.
Join the Journey into the Future of IT
As Converge embarks on this exciting new chapter, the company invites businesses to discover how its services can reframe their approach to technology. With a focus on empowering clients through innovation, Converge is committed to driving impactful results and fostering a prosperous partnership that thrives on mutual benefit.
Frequently Asked Questions
What is the significance of the acquisition for Converge?
The acquisition by H.I.G. Capital is expected to enhance Converge's operational capacity and drive future growth opportunities.
What happens to Converge shareholders after the acquisition?
Shareholders will participate in the Arrangement, which includes provisions for submitting their shares as part of the acquisition process.
Who can shareholders contact for assistance regarding their shares?
Shareholders can reach out to Computershare Investor Services Inc. for guidance on submitting their shares in connection with the acquisition.
When is the anticipated completion date for the Arrangement?
The closing of the Arrangement is anticipated to occur by the end of April, pending any fulfillment conditions.
What is Converge’s vision for the future under H.I.G. Capital?
Converge aims to leverage the resources and expertise from H.I.G. Capital to expand its innovative IT solutions and foster business transformation.
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