Converge Shareholders Approve H.I.G. Capital Acquisition
Deal News | Apr 10, 2025 | PR Newswire Cision Converge Technology Solutions Corp.
Converge Technology Solutions Corp., a Toronto and Gatineau-based IT and cloud solutions provider, announced a significant development as its shareholders have approved an acquisition by H.I.G. Capital, a prominent private equity firm. The resolution was overwhelmingly supported at a special meeting with 98.85% of shareholders voting in favor of the deal, indicating strong backing for this strategic move. Under this arrangement, each shareholder stands to receive C$6.00 per share in cash, except for particular shares held by rollover shareholders who have entered into agreements with H.I.G. The plan is structured under the Canada Business Corporations Act, and final approval from the Ontario Superior Court of Justice is anticipated soon. This acquisition marks a milestone for Converge, known for its commitment to IT reimagining through advanced technologies and solutions across various industries. The deal completion is projected by April 22, 2025, pending usual conditions and approvals.
Sectors
- Technology Services
- Private Equity
Geography
- Canada – Converge Technology Solutions Corp. is based in Toronto and Gatineau, Canada, and the transaction is structured under Canadian corporate law.
- United States – H.I.G. Capital is a private equity firm based in the United States, which connects this geography to the transaction.
Industry
- Technology Services – Converge Technology Solutions Corp. provides IT and cloud solutions, which makes it a part of the technology services industry.
- Private Equity – H.I.G. Capital, a private equity firm, is involved in acquiring Converge, highlighting the role of private equity in this transaction.
Financials
- C$6.00 per share – Cash consideration to be received by Converge shareholders under the acquisition by H.I.G. Capital.
- 69.63% voting participation – The percentage of votes cast relative to all outstanding shares at the special shareholders' meeting.
- 98.85% approval – The percentage of shareholders who supported the acquisition resolution during the meeting.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Converge Technology Solutions Corp. | Target | Company | A Canadian IT and cloud solutions provider targeted for acquisition. |
| H.I.G. Capital | Bidding Company | Company | A private equity firm acquiring Converge Technology Solutions. |
| Ontario Superior Court of Justice (Commercial List) | Legal Authority | Government | The court from which Converge is seeking final approval for the acquisition arrangement. |