Vertiv goes public for $5bn
.jpg)
Vertiv Holdings LLC has announced it will become a publicly-traded company through a merger with GS Acquisition Holdings Corp.
The acquisition was co-sponsored by an affiliate of The Goldman Sachs Group and David M. Cote, CEO of GSAH and former CEO of Honeywell. Cote will serve as Executive Chairman of Vertiv.
Vertiv’s existing management team will continue to be led by the company’s CEO, Rob Johnson. The transaction is expected to close in the first quarter of 2020 and at close, Vertiv’s stock will trade under the ticker symbol NYSE: VRT.
“Platinum Equity, Rob Johnson and his team have done a tremendous job over the last several years positioning Vertiv for long-term success,” said Cote.
“The company is exactly the asset we were looking for, with a great position in a good industry, products differentiated by technology, strong organic and inorganic growth potential, and opportunities for sustained improvements over time.
“Taken together, I am delighted with the near- and long-term prospects for Vertiv and the opportunity this represents for shareowners.”
Vertiv’s portfolio of power, thermal and IT management along with cooling and IT infrastructure solutions and services that extend from the cloud to the edge of the network, generated nearly $4.3 billion in revenue in 2018.
The transaction, unanimously approved by both boards of directors, is expected to close in the first quarter of 2020, subject to customary closing conditions.
At closing, the public company’s name will be changed to Vertiv Holdings Co. Upon closing, Vertiv will have an anticipated pro forma enterprise value of approximately $5.3 billion.
“This transaction enables us to accelerate our growth and innovation strategy and broaden our opportunities as we continue to focus on the ever-evolving needs of our customers,” said Vertiv CEO Rob Johnson.
“Our partnership with David, who has a proven track record of driving operational improvements and shareholder value, will further enhance our trajectory as we look to capitalise on our strong foundation in a growing industry.”
Upon completion, it is expected that Platinum Equity will hold approximately 38% of Vertiv Holdings Co and the sponsor (including Cote and affiliates of The Goldman Sachs Group) will own approximately 5% of Vertiv Holdings Co.
In addition to the approximately $705 million of cash held in GSAH’s trust account, additional investors have committed to participate in the transaction through a $1.239 billion private placement.
“I’m proud of the work our team has done at Vertiv in positioning it where it is today, and I’m very excited about the new partnership with our friend David and long-time partners at Goldman Sachs,” said Tom Gores, Chairman and CEO, Platinum Equity.
“Rob Johnson and the management team have done a tremendous job preparing the company for its next phase of growth.”
source capacitymedia
Industry: Data Centre / Data Center
Latest Jobs
-
- Cyber Security Professional Services Lead | London | Immediate
- London
- N/A
-
Cyber Security Professional Services Lead London / Hybrid This role leads the delivery function for a cyber security professional services team, with ownership of utilisation, delivery quality, and team performance across multiple client programmes. You will drive billable utilisation, ensure projects are delivered on time and to standard, and manage resource planning across a complex portfolio. Acting as the escalation point for key engagements, you will also lead and develop a high-performing consulting team, maintaining strong client relationships and consistent delivery standards. Key responsibilities: Drive utilisation and delivery performance Ensure quality, on-time delivery across engagements Manage resource planning and capacity Act as escalation point for key programmes Lead and develop the consulting team Background: Currently leading a cyber or technology professional services function Recent track record improving utilisation and delivery outcomes Experience across multi-client, complex programmes Strong senior stakeholder engagement A hands-on leadership role with accountability for delivery, team performance, and commercial outcomes
-
- Cyber Security Sales | Enterprise | New Business | London
- City of London
- Uncapped OTE
-
Enterprise Account Executive | Cyber Security | UK London / UK (hybrid with client engagement) A scaling cyber security firm is hiring an Enterprise Account Executive to drive growth across large UK organisations. This role blends new business with ownership. You will open doors, create demand, and win enterprise accounts, then retain and grow those relationships into long-term, high-value partnerships. Targeting senior stakeholders at CISO, CIO, and board level, you will shape and close complex deals across cyber security, cloud, and transformation programmes. This is a strategic role. Fewer accounts, higher value, longer cycles. You are expected to build pipeline from scratch, with support around you but without reliance on inbound or marketing. A recent and consistent track record of achieving or exceeding sales targets is essential. This role requires someone currently performing at a high level in enterprise sales. UK-based, with remote working and client engagement as needed. Competitive base and uncapped earnings, with scope to build a meaningful enterprise portfolio.
-
- Cyber Security Sales | Financial Services | New Business | London
- England
- Uncapped OTE
-
New Business Lead | Cyber Security | Financial Services | London / UK UK Remote / London client travel A well-backed cyber security and technology firm is looking to hire a senior New Business Lead to drive UK growth, with a particular focus on Financial Services. This is a position for someone who knows how to open doors where others cannot. A role built around identifying opportunity, challenging incumbents, and converting that into long-term client relationships and revenue. You will own new logo acquisition across FS, working closely with leadership to shape go-to-market strategy and position across cyber security, cloud, and modernisation offerings. Full ownership of the sales lifecycle. Pipeline creation, deal strategy, negotiation, and close. The expectation is simple. Build momentum, win key accounts, and scale a function around you as revenue grows. Strong experience selling into Financial Services environments is key. Credibility at CISO, CIO, and board level matters. Remote-first, with London and client engagement as required. Competitive base, uncapped earnings, and genuine scope to build something meaningful. The successful sales person MUST have a recent history and current experinece of achieving / overachieving against sales target.