GBT Technologies Sets Sights on Nexus Workspaces Acquisition
Deal News | Nov 27, 2024 | Globenewswire
GBT Technologies, Inc. has announced non-binding agreements to acquire real estate interests in Nexus Workspace properties, as well as its intellectual property portfolio. This strategic move involves CGI Fund I, LP divesting its interests in Nexus Workspace to GBT, through a phased acquisition. GBT plans to form a subsidiary, Nexus Workspace Holdings, Inc., to hold the Florida-based locations: Wellington, West Palm Beach, Stuart, Boynton Beach, and Boca Raton. Nexus offers modern, flexible office solutions for over 800 members, equipped with high-speed internet and fitness centers. Raoul Thomas, CEO of CGI Merchant Group, emphasized the alignment with GBT to enhance the Nexus brand and drive long-term growth. The acquisition structure begins with GBT acquiring a 49% stake in certain Nexus properties, proceeding to full ownership across its portfolio. Anticipated plans include spinning off Nexus Workspace Holdings into an independent public entity to allow GBT’s shareholders to gain directly. Transaction advisory services are being provided by Wertheim & Company LLC. GBT Technologies is a publicly traded company focusing on technology and diversified investments.
Sectors
- Real Estate
- Technology
- Venture Capital and Private Equity
Geography
- United States – The acquisition focuses on Nexus Workspace's Florida-based properties indicating the geographical relevance.
Industry
- Real Estate – This industry is relevant as GBT Technologies is acquiring real estate interests in Nexus Workspace properties.
- Technology – GBT Technologies is a publicly traded company specializing in high-tech solutions, indicating its investment and development focus on technological innovation.
- Venture Capital and Private Equity – CGI Fund I, LP is actively involved as the selling party, indicating the role private equity plays in managing and divesting investments.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GBT Technologies, Inc. | Acquiring Company/Buyer | Company | A publicly traded company focusing on high-tech solutions and strategic investments. |
| CGI Fund I, LP | Selling Company/Vendor | Company | Entities owned by CGI Fund I, LP are selling their interests in Nexus Workspace as part of a phased acquisition transaction. |
| Nexus Workspace Holdings, Inc. | Target Company/Subsidiary | Company | A newly established subsidiary of GBT Technologies for managing acquired Nexus Workspace properties. |
| Nexus Workspace Properties | Target Company | Company | Manages premier real estate and intellectual property assets, providing modern workspace solutions. |
| Wertheim & Company LLC | Transaction Advisor | Company | Advising GBT and potentially assisting in the creation of the group structure and provision of investment banking services. |
| Raoul Thomas | CEO of CGI Merchant Group | Person | Commented on the strategic alignment between Nexus and GBT, highlighting the value of the transaction. |
| Mansour Khatib | CEO of GBT Technologies | Person | Highlighted the strategic importance and growth potential of the transaction. |