Converge Shareholders Approve Acquisition by H.I.G. Capital

Deal News | Apr 13, 2025 | PR Newswire Cision Converge Technology Solutions Corp.

Converge Technology Solutions Corp. has received shareholder approval for its planned acquisition by a subsidiary of H.I.G. Capital. The agreement was sanctioned with an overwhelming majority at a recent extraordinary shareholders’ meeting. Shareholders will receive a cash payment of 6.00 CAD per Converge share, except for certain shares held by Rollover Shareholders. The Arrangement is expected to be completed around April 22, 2025, pending final approval from the Ontario Superior Court of Justice. Converge is a provider of IT and cloud solutions aiming to redefine business approaches to technology. Despite the positive outlook, forward-looking statements caution against potential risks and uncertainties that may impact the completion timeline.

Sectors

  • Information Technology and Services
  • Private Equity

Geography

  • Canada – Converge Technology Solutions is headquartered in Canada, and the acquisition proceedings involve Canadian legal frameworks and shareholder meetings.

Industry

  • Information Technology and Services – Converge Technology Solutions operates within this industry, providing IT, cloud solutions, and services to various enterprises.
  • Private Equity – H.I.G. Capital, a private equity firm, is central to this acquisition, representing significant involvement in investment and financial sectors.

Financials

  • 6.00 CAD per share – The cash consideration amount each shareholder of Converge will receive per share in the acquisition deal.

Participants

NameRoleTypeDescription
Converge Technology Solutions Corp.Target CompanyCompanyAn IT and cloud solutions provider focused on innovation and technology services.
H.I.G. CapitalBidding CompanyCompanyA private equity firm engaged in various investments, including buyouts, growth equity, and debt/credit.
Ontario Superior Court of Justice (Commercial List)OtherGovernmentThe court responsible for granting approval for the legal completion of the acquisition arrangement.