Converge Receives Court Approval for H.I.G. Capital Acquisition

Deal News | Apr 16, 2025 | PR Newswire Cision Converge Technology Solutions Corp.

Converge Technology Solutions Corp., a prominent IT and cloud solutions provider, announced that it has received a final order from the Ontario Superior Court of Justice approving its acquisition by H.I.G. Capital, a global private equity investment firm. This court order is a crucial step in the Arrangement under which the Purchaser, 16728421 Canada Inc., an affiliate of H.I.G. Capital, will take ownership of all Converge's issued and outstanding common shares, excluding those held by certain shareholders who are rolling over their equity. The deal, detailed in the Arrangement Agreement initially dated February 6, 2025, and amended on April 1, 2025, is expected to close on or around April 22, 2025, following satisfaction or waiver of remaining conditions. All necessary regulatory approvals have been obtained. Computershare Investor Services is managing the share submission process for the shareholders. Converge is known for leveraging advanced technologies to deliver business transformation solutions. Forward-looking statements in the press release indicate an expected seamless completion of the acquisition but note potential risks and uncertainties.

Sectors

  • Technology
  • Private Equity

Geography

  • Canada – The primary geographic focus of the article is on Canada, where Converge is based, and the Ontario Superior Court of Justice provided the final order.

Industry

  • Technology – Converge Technology Solutions Corp. is a provider of IT and cloud solutions, making the Technology sector relevant to this article.
  • Private Equity – H.I.G. Capital is a private equity investment firm involved in the acquisition of Converge, thus placing this article within the Private Equity industry.

Financials

    Participants

    NameRoleTypeDescription
    Converge Technology Solutions Corp.Target CompanyCompanyAn IT and cloud solutions provider based in Toronto and Gatineau, reimagining IT solutions driven by advanced analytics and AI.
    H.I.G. CapitalAcquiring CompanyCompanyA global private equity investment firm responsible for acquiring Converge Technology Solutions through its affiliate.
    16728421 Canada Inc.PurchaserCompanyAn affiliate of H.I.G. Capital established to acquire all issued and outstanding common shares of Converge.
    Computershare Investor Services Inc.DepositaryCompanyThe entity responsible for managing the submission of shares related to the Arrangement.
    Ontario Superior Court of JusticeJudicial EntityGovernmentThe court that issued the final order approving the acquisition of Converge by H.I.G. Capital.