Converge Secures Court Approval for H.I.G. Capital Acquisition
Converge Technology Solutions Corp. (TSX: CTS) is thrilled to announce a significant milestone in its journey as the Ontario Superior Court of Justice has granted a final order approving its acquisition by H.I.G. Capital. This approval marks a pivotal moment for the company as it prepares to enhance its offerings and propel future growth.
Details of the Acquisition
The approved plan of arrangement involves 16728421 Canada Inc., an affiliate of H.I.G. Capital, which is set to acquire all outstanding common shares of Converge. Specifically, this acquisition will exclude shares held by certain shareholders who have entered rollover equity agreements. It’s essential for shareholders to remain aware of this arrangement as it directly impacts them.
Steps Toward Completion
Looking ahead, the completion of the arrangement is anticipated soon, pending the satisfaction or waiver of remaining conditions outlined in the Arrangement Agreement. This agreement was initially entered into on February 6, and subsequently amended, reflecting the evolving nature of the deal. The expected completion dates may shift as the company navigates through this complex process.
Regulatory approvals necessary for this arrangement have been successfully obtained, indicating a strong commitment to compliance and transparency throughout this transition.
Support for Shareholders
As part of this transition, Converge ensures that shareholders who have questions about submitting their shares can reach out to Computershare Investor Services Inc. They act as the depositary for this arrangement. Shareholders can contact them toll-free at 1-800-564-6253 within North America or 1-514-982-7555 from outside these regions.
About Converge Technology Solutions Corp.
Converge is on a mission to redefine the way businesses engage with IT solutions. Since its inception in 2017, the company has focused on delivering innovative, outcome-driven solutions that simplify technology challenges for its clients. As a leading provider in IT and Cloud Solutions, Converge leverages a blend of local knowledge and global strength.
Innovative Solutions for Clients
With expertise spanning advanced analytics, artificial intelligence, cybersecurity, and cloud platforms, Converge empowers businesses to streamline operations and foster innovation. The company adopts a strategic AIM (Advise, Implement, Manage) methodology, ensuring that its solutions are not only tailored to fit the unique needs of each customer but are also designed to integrate seamlessly with existing systems.
Commitment to Visionary Leadership
Through this acquisition, Converge is positioned to enhance its capabilities even further, aiming to deliver transformative IT solutions and foster a culture of innovation. The integration with H.I.G. Capital promises a wealth of resources and expertise that can skyrocket Converge’s growth trajectory.
Frequently Asked Questions
What does the court approval signify for Converge?
The court approval signifies that Converge's acquisition by H.I.G. Capital is officially greenlit, paving the way for the completion of the arrangement.
How will this acquisition affect shareholders?
Shareholders will be able to submit their shares as part of the arranged acquisition, ensuring they benefit from the transition.
What is the timeline for completing the acquisition?
The acquisition is expected to be completed shortly, pending the satisfaction of certain conditions outlined in the Arrangement Agreement.
Who can shareholders contact for assistance?
Shareholders can contact Computershare Investor Services Inc. for assistance regarding the submission of their shares.
What does Converge aim to achieve post-acquisition?
Post-acquisition, Converge aims to leverage enhanced resources to deliver innovative IT solutions that meet the evolving needs of its clients.
