Press Release

ConvergeOne Agrees to Sell to CVC for $1.8 Billion

November 12, 2018

Palo Alto – November 12, 2018 – Cooley advised IT services provider ConvergeOne on its agreement to be sold to and taken private by affiliates of a CVC Capital Partners fund. Partner Mehdi Khodadad led the Cooley team advising ConvergeOne on the transaction, which is valued at $1.8 billion and expected to close either this quarter or Q1 2019.

Under the terms of the agreement, affiliates of CVC will commence a tender offer for all outstanding ConvergeOne shares in an all-cash transaction valued at $12.50 per share, representing a 35% premium to the 30-day VWAP prior to October 25 and representing more than a 56% premium to the closing price on ConvergeOne’s debut date on the Nasdaq Global Select Market in February.

“We are extremely proud of the ConvergeOne team, and we truly appreciate our phenomenal partnership with Clearlake and our other shareholders that has resulted in significant value creation,” said John A. McKenna Jr., chairman and CEO of ConvergeOne, in a news release. “Our team is thrilled to partner with CVC to execute on the compelling growth opportunities in the rapidly evolving collaboration and technology services market."

Raymond James & Associates and William Blair acted as financial advisors to ConvergeOne in connection with the transaction. Raymond James & Associates, William Blair, and Jefferies provided fairness opinions to ConvergeOne’s board of directors.

In addition to serving as legal counsel to ConvergeOne on the transaction, Cooley represented Clearlake Capital Group on its acquisition of ConvergeOne from private equity firm Genstar Capital in 2014 and on various acquisitions by ConvergeOne over the past four years. More recently, Cooley represented ConvergeOne on the $1.2 billion deal with special purpose acquisition company Forum Merger Corp. in 2017 that resulted in ConvergeOne becoming a public company.

Founded in 1993, ConvergeOne is a leading global IT services provider of collaboration and technology solutions for large and medium enterprises with decades of experience assisting customers to transform their digital infrastructure and realize a return on investment.

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