Electronics For Imaging announced today it has entered into a definitive agreement to be acquired by an affiliate of Siris Capital Group in an all-cash deal valued at roughly US$1.7 billion.
Under the agreement, an affiliate of Siris will acquire all the outstanding common stock of EFI for $37.00 per share in cash. The purchase price represents an approximately 45-percent premium over EFI’s 90-day volume-weighted average price ended on April 12, 2019.
The proposed transaction is expected to close by the third quarter of 2019 and is subject to approval by EFI’s shareholders, along with the satisfaction of customary closing conditions including antitrust regulatory approvals. Upon completion of the acquisition, EFI will become wholly owned by an affiliate of Siris.
“We believe this transaction delivers superior and immediate value to our shareholders while providing us with a partner that can add strategic and operational expertise to our business,” said Bill Muir, CEO of EFI. “We are excited to partner with Siris’ highly experienced team on this next phase of growth for EFI.”
“We believe that, by partnering with Siris, EFI will be well positioned to capture this transformational opportunity associated with increased digital inkjet penetration, industrial automation and software enablement. We are eager to partner with management to help the Company achieve its strategic objectives,” said Frank Baker, a Siris Co-Founder and Managing Partner.
The company currently expects Q1 2019 revenue to be between US$220 million and $225 million.
Sidley Austin LLP is serving as corporate counsel, Kirkland & Ellis LLP is serving as financing counsel, and RBC Capital Markets is serving as M&A advisor to Siris in connection with the transaction. Morgan Stanley & Co. and Greenhill & Co., LLC are serving as financial advisors to EFI, and O’Melveny & Myers is serving as its legal counsel.
Print this page