Atlas Technical Consultants Inc 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 $1bn, 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.
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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 said it will be acquired by EQT Private Equity in an all-cash transaction, valuing its equity at nearly $1.7 billion.
Source: Reuters
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