GS Acquisition Up; Vertiv To Become Publicly Traded Through Merger
10 Décembre 2019 - 07:35PM
Dow Jones News
By Michael Dabaie
Special purpose acquisition company GS Acquisition Holdings
Corp. (GSAH) shares were trading up 3.4% to $10.80 in heavy
volume.
As of recently, about 18 million shares had traded, versus the
65-day average volume of 204,048.
Vertiv Holdings LLC said it will become a publicly traded
company through a merger with GS Acquisition.
GS Acquisition is co-sponsored by an affiliate of Goldman Sachs
Group Inc. (GS) and David M. Cote. Vertiv provides digital
infrastructure and continuity solutions and is a Platinum Equity
portfolio company.
Mr. Cote, chief executive of GS Acquisition and former executive
chairman and CEO of Honeywell, will be executive chairman of
Vertiv. Vertiv's existing management team will continue to be led
by CEO Rob Johnson.
Vertiv said the transaction is expected to close in the first
quarter of 2020 and at close Vertiv's stock will trade under the
ticker symbol VRT.
Upon closing, Vertiv will have an anticipated pro forma
enterprise value of about $5.3 billion, the company said. Platinum
Equity is expected to hold about 38% of Vertiv Holdings Co. and the
sponsor, including Mr. Cote and affiliates of Goldman Sachs, will
own about 5%.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 10, 2019 13:20 ET (18:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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