Atlas Technical to be taken private by GI Partners in $1.05 bln deal (updated)
31/01/2023 14:42
(Adds details, background)
Jan 31 (Reuters) - Atlas Technical Consultants Inc
ATCX.O said on Tuesday the infrastructure and environmental
solutions provider will be acquired by private investment firm
GI Partners in an all-cash deal valued at nearly $1.05 billion,
including debt.
Shareholders of Atlas are set to receive $12.25 per share in
cash, which is more than double the stock's last closing price
on Monday.
Atlas will become a private company after the deal, which is
expected to close in the second quarter, according to a
statement. BofA Securities is serving as exclusive financial
advisor to Atlas.
Austin, Texas-based Atlas joins a clutch of companies
increasingly flocking to private equity firms as a bearish
outlook in the high-growth tech sector and turbulent markets
have dragged valuations and soured sentiment in public equity
markets.
In September, Billtrust owner BTRS Holdings Inc BTRS.O
said it will be acquired by EQT Private Equity in an all-cash
transaction, valuing its equity at nearly $1.7 billion.
(Reporting by Mehnaz Yasmin and Anirban Chakroborti in
Bengaluru; Editing by Krishna Chandra Eluri)
((Mehnaz.Yasmin@thomsonreuters.com;))