Vertiv goes public for $5bn
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.”
Industry: Data Centre / Data Center
- SailPoint File Access Manager Consultant/ Architect
- discussed on applications
SailPoint File Access Manager (SailPoint FAM) Consultant/ Architect is required for an up coming projects, Ideally looking for someone with experience in Designing and deploying SailPoint FAM , this is a new Deployment, you will work with customer in the initial workshop phase, to understand requirements and to get the initial design, you will then be responsible for deploying the solution. This is a home based role, with some onsite visits required during the length of the project. We are looking for someone who has previous experience in Deploying SailPoint FAM (ideally done design work) Need to have experience with SharePoint and ideally Azure and Share file
- Outside IR35 Contract- SC / DV - Cloud / VMware Solution Architect
- Outside IR35
Solution Architect Contract - with active Security Clearance needed for Outside IR35 Contract London. SC / DV (must be willing to undergo DV) 6 month rolling Immediate Experience delivering technical Security Architecture design / assurance of security design. Specific experience with Cloud and VMWARE technologies Cross domain experience desirable HLD / LLD Current SC Clearance a must. London 3 days a week Immediately interviewing.
- Contract Night Shift Senior SOC Analyst | Microsoft Defender | Outside IR35
- United Kingdom
- Outside IR35
Contract Night Shift Senior SOC Analyst | Microsoft Defender / Sentinel | Outside IR35 Looking for an experienced SOC analyst to cover a night shift SOC operation. Level 2 technical Analyst. You must have current hands on technical experience with Microsoft defender / Sentinel within a customer facing SOC environment. This is a UK based position.
- DV Cleared CyberArk Consultant- Contract
- City of London
- Upto £700 per day
CyberArk Consultant is needed to be responsible for leading the deployment of CyberArk solutions for this Secure government site You will work with customer, helping to create CyberArk Strategic Roadmaps, on-boarding accounts, product and process integration into the CyberArk Solution and Proviso of Installation and technical Documentation. We are looking for this individual to have experience in: In CyberArk deployment, and ideally leady the deployment both strategically and also technically for this project we need the consultant to hold current DV cleared status For the right individual this could be a long term project.