Converge Prepares for Shareholders Meeting on H.I.G. Capital Acquisition

Deal News | Mar 14, 2025 | PR Newswire Cision Converge Technology Solutions Corp.

Converge Technology Solutions Corp. has announced the availability of its management information circular pertaining to a special meeting of shareholders to approve its acquisition by H.I.G. Capital. This meeting will be crucial for obtaining shareholder approval for the proposed acquisition under a statutory plan of arrangement. The court's interim order has been issued, and the HSR Act's waiting period has expired, clearing major regulatory hurdles. H.I.G.'s proposal offers a 56% premium over Converge's closing share price on February 6, 2025. The transaction, valued at approximately C$1.3 billion, has been recommended unanimously by Converge’s Board. The meeting is scheduled for April 10, 2025, with the arrangement expected to conclude by April 17, 2025. A thorough evaluation of strategic alternatives was conducted, and H.I.G.'s offer was determined to be the most beneficial to shareholders.

Sectors

  • Information Technology
  • Private Equity

Geography

  • Canada – Converge Technology Solutions is a Canadian company, and the acquisition proposal involves approvals and meetings within Canada.
  • United States – The Hart-Scott Rodino Antitrust Improvements Act waiting period relevant to the transaction is a U.S. regulatory requirement.

Industry

  • Information Technology – Converge Technology Solutions operates in the IT sector, providing technology solutions including analytics, AI, and cloud platforms.
  • Private Equity – H.I.G. Capital, a private equity firm, is acquiring Converge Technology Solutions, highlighting activities typical within the private equity industry.

Financials

  • C$5.50 – Cash consideration per share offered to Converge shareholders under the terms of the acquisition.
  • C$1.3 billion – Total enterprise value of Converge Technology Solutions under the acquisition proposal by H.I.G. Capital.

Participants

NameRoleTypeDescription
Converge Technology Solutions Corp.TargetCompanyA Canadian IT and cloud solutions provider targeted for acquisition by H.I.G. Capital.
H.I.G. CapitalBidding CompanyCompanyA global private equity firm planning to acquire Converge Technology Solutions.
16728421 Canada Inc.PurchaserCompanyAn affiliate of H.I.G. Capital set up to facilitate the acquisition of Converge Technology Solutions.
Ontario Superior Court of Justice (Commercial List)GovernmentGovernmentThe court issuing an interim order authorizing the meeting related to the transaction.
Laurel Hill Advisory GroupProxy Solicitation AgentCompanyAdvises on shareholder communication and is involved in proxy solicitation for the Converge acquisition vote.