Converge: Proxy Advisors Endorse Acquisition by H.I.G. Affiliate

Deal News | Mar 25, 2025 | PR Newswire Cision Converge Technology Solutions Corp.

Converge Technology Solutions Corp., a services-led IT and cloud solutions provider, has received recommendations from two leading proxy advisory firms for shareholders to endorse the acquisition by 16728421 Canada Inc., an affiliate of H.I.G. Capital. The acquisition follows a statutory plan of arrangement that offers C$5.50 cash per share, aside from shares with rollover equity agreements. ISS, one of the advisory firms, deems the offer attractive with a credible valuation process. Converge's Board and Special Committee have also unanimously supported the acquisition, urging shareholders to vote in favor ahead of the April 8, 2025, deadline. The shareholder meeting will take place on April 10, 2025. The forward-looking statements emphasize the necessity of regulatory, court, and shareholder approvals and highlight the usual risks tied with such transactions.

Sectors

  • Information Technology & Cloud Solutions
  • Private Equity & Advisory

Geography

  • Canada – The transaction involves Canadian entities, including Converge Technology Solutions, headquartered in Toronto and Gatineau, QC.
  • North America – Includes the broader market and shareholder base influencing the transaction, notably H.I.G. Capital's operations.

Industry

  • Information Technology & Cloud Solutions – Converge Technology Solutions Corp. operates as an IT and cloud solutions provider, driving the importance of this industry classification.
  • Private Equity & Advisory – H.I.G. Capital, through its affiliate, is engaging in acquiring Converge Technology Solutions Corp., fitting within the private equity sector.

Financials

  • C$5.50 – Cash consideration per share offered by the Purchaser to Converge Technology Solutions shareholders.

Participants

NameRoleTypeDescription
Converge Technology Solutions Corp.Target CompanyCompanyA leading IT & cloud solutions provider seeking shareholder approval for acquisition by an H.I.G. Capital affiliate.
H.I.G. CapitalBidding CompanyCompanyA private equity firm aiming to acquire Converge through its affiliate, 16728421 Canada Inc.
16728421 Canada Inc.PurchaserCompanyThe H.I.G. Capital affiliate organizing the acquisition of Converge Technology Solutions Corp.
Institutional Shareholder Services Inc.Proxy AdvisorCompanyOne of the leading proxy advisory firms recommending the acquisition approval by Converge's shareholders.