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BREAKING NEWS

IT services company Presidio to go private in $2 billion deal

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(Reuters) – IT services company Presidio Inc <PSDO.O> said on Wednesday it would be taken private by BC Partners in a $2 billion (1.65 billion pounds) all-cash deal, as the European buyout fund looks to expand its footprint in the cybersecurity space.

Presidio stockholders will receive $16 in cash for each share they own, representing a premium of 21.3% to Presidio’s closing price on Tuesday.

The deal, which is expected to close in the fourth quarter of 2019, includes a 40-day “go-shop” period, which allows Presidio’s board and advisers to consider alternative offers, the company said.

The deal comes less than a month after BC Partners said it would buy a majority stake in the Canada-based security services company Garda World Security.

BC Partners, which has assets worth 22 billion euros under management, said Presidio fits well with its investment priorities in IT systems and networks.

LionTree Advisors is acting as financial adviser to Presidio, while Citi, J.P. Morgan Securities LLC and RBC Capital Markets are acting as financial advisers to BC Partners.

(Reporting by Munsif Vengattil and Vibhuti Sharma in Bengaluru; Editing by Shailesh Kuber)

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