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
-
- Sailpoint IIQ Consultant
- London
- Up to £75,000
-
SailPoint IIQ consultant- London We are looking for a strong SailPoint IIQ consultant to work for this global enterprise, in this position you will be the lead consultant in regard to the IAM and PAM tools Duties include Responsible for designing, developing, testing, implementing, and integrating IAM (SailPoint) systems and solutions. Assessing requirements for Identity and Access Management solutions to meet stakeholders needs. Provide support for production IAM infrastructure systems and processes. Ensures the maintenance, patching, operating, and monitoring of IAM systems. Ensures senior management and staff are informed of any changes and updates in a timely manner. Experience with Maintaining and supporting SailPoint IIQ Assessing requirements for Privilege Access Management solutions to meet stakeholders needs We are looking for someone with the following experience SailPoint IIQ experience Expertise working with SailPoint Identity IQ platform - Access Lifecycle Management, Certifications, Role Management Expertise in onboarding applications with various connectors like Active Directory, JDBC, SCIM 2.0, Azure Active Directory Expertise in developing APIs (SCIM, REST) leveraging Java based developmentExperience of Privileged Access Management concepts and use cases Unfortunatly we are unable to provide sponsorship for this opportunity, therefore applications will need to be able to work in the UK
-
- SailPoint Consultant- Netherland-
- Netherlands
- upto €700 per day
-
We are looking for a highly skilled SailPoint IIQ Consultant to work on a major deployment project. The ideal candidate will have experience with all aspects of SailPoint IIQ, including development, configuration, and administration. They will also be able to work independently and as part of a team to deliver high-quality results. · Responsibilities · Develop and configure Sailpoint IIQ solutions · Integrate SailPoint IIQ with other systems · Support SailPoint IIQ deployments · Provide technical support to users If you are a highly skilled SailPoint IIQ consultant who is looking for their next project, we encourage you to apply. look forward to hearing from you!
-
- Lead CyberArk deployment Consultant
- London
- Upto £80,000 plus benefits
-
CyberArk Consultant is needed to be responsible for leading the deployment of CyberArk solutions for this expanding IT services business, You will work with customer both pre and post sales, getting involved in CyberArk Solution Design, 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: Installation of CyberArk PAS for V11.X and V12.X (Vault, DR Vault, Central Policy Manager and Password Vault Web Access) Upgrade of CyberArk from V9 and V10 (Vault, DR Vault, Central Policy Manager and Password Vault Web Access) Installation and Upgrade of Privilege Session Manager and Privilege Session Manager Proxy As some of your client will be government site, all individual will need to be put through SC clearance, therefore you must be eligible to receive this and happy to be put through(With a British Citizen or to have lived in the UK for the past 5 years) We are unable to provide work visa sponsorship for this opportunity
-
- Senior Business Analyst - Outside IR35 Contract, SC Clearance Required, London
- London
- £400 per day outside IR35
-
Senior Business Analyst - Outside IR35 Contract, SC Clearance Required, Based in London Project- to engage with colleagues and stakeholders to investigate and model business functions, processes, information flows and data structures, using a range of business analysis techniques. • You will translate the solution to the business problem into detailed requirements by creating user stories and well-defined acceptance criteria. • Elicit end-to-end business requirements for a live cross-government service • Working across the Government departments to bring together varied business and operational outcomes to form a holistic overall set of service requirements Current SC clearance is required. As is the ability to travel to London.