Atlas Technical Consultants Stock Jumps As It Agrees To Go Private At 124% Premium

Author: Shivani Kumaresan | January 31, 2023 02:27pm

• Atlas Technical Consultants Inc (NASDAQ:ATCX) has agreed to be acquired by private investment firm GI Partners in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt.
• Under the terms of the transaction, Atlas shareholders will receive $12.25 per share in cash, representing a premium of 124% over the company's closing share price of $5.47 on Jan. 30, 2023.
• Upon completion of the transaction, Atlas' shares will no longer trade on Nasdaq and it will become a private company.
• "We are pleased to have reached this agreement with GI Partners, which we believe will deliver immediate and certain cash value to Atlas shareholders at a significant premium," said executive chairman Brian Ferraioli.
• The transaction is expected to close in Q2 FY23. Atlas' Board recommends shareholders vote in favor of the transaction.
• Affiliates of Bernhard Capital Partners, which own approximately 43% of the outstanding Atlas common stock, have entered into a voting agreement supporting the transaction.
• Price Action: ATCX shares are trading higher by 120.4% on the last check Tuesday.

Posted In: ATCX