Presidio to be Acquired by BC Partners

Presidio, Inc. has announced plans to be acquired by funds advised by BC Partners, an international investment firm, in an all-cash transaction valued at approximately $2.1 billion.

Presidio is a New York-based solutions provider focused on Digital Infrastructure, Cloud and Security solutions for commercial and public sector customers. As of this past June, the company serves approximately 8,000 middle-market, large, and government organizations across a range of industries from more than 60 offices across the U.S.

Under the terms, Presidio stockholders will receive $16.00 in cash for each share of Presidio common stock, representing a premium of 21.3 percent over Presidio’s closing stock price of $13.19 on August 13, 2019, and a premium of 18.3% over the Company’s 60-day volume-weighted average share price leading up to this announcement. Presidio also expects to continue to pay its regular quarterly dividend of $0.04 per share, during the pendency of the transaction.

“We believe this transaction will provide immediate and substantial value to Presidio stockholders, while providing us with a partner that can add strategic and operational expertise to our business, with a focus on executing our long-term strategy,” commented Presidio CEO Bob Cagnazzi.

“Presidio fits squarely with our key investment priorities,” said Raymond Svider, Partner and Chairman of BC Partners. “Its markets benefit from secular growth, as IT systems and networks have become increasingly complex. It is well positioned as a leader in a fragmented industry, offering scope for further expansion.”

The transaction was unanimously approved by the Presidio Board of Directors, which recommends that shareholders vote in favor of the move. The parties expect the transaction to close in the fourth quarter of 2019. Upon completion of the transaction, Presidio will become a privately held company, and its common stock will no longer be listed on the NASDAQ stock market.

Channel Impact^®
Mergers and acquisitions have become an almost daily staple of IT channel news for the past few years.