EFI to Be Acquired for Approximately $1.7B

The deal is subject to a 45-day "go shop" period during which another investor could step in with an offer.

EFI to be purchased by New York private equity firm.
EFI to be purchased by New York private equity firm.

Fremont, California-based large-format printer manufacturer EFI announces that it has entered into a definitive agreement to be acquired by an affiliate of New York-based private equity firm Siris Capital Group LLC. The deal is an an-all cash transaction valued at approximately $1.7 billion.

Under the terms of the agreement, which has been unanimously approved by EFI’s board of directors, an affiliate of Siris will acquire all of the outstanding common stock of EFI for $37 per share in cash. The purchase price represents an approximately 45% premium over EFI’s 90-day volume weighted average price ended on April 12, 2019.

EFI may solicit alternative acquisition proposals from third parties during a “go-shop” period over the next 45 calendar days. EFI will have the right to terminate the agreement to enter into a superior proposal subject to the terms and conditions of the agreement.

“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,” says Bill Muir, CEO. “We are excited to partner with Siris’ highly experienced team on this next phase of growth for EFI.”

Adds Siris co-founder and managing partner, Frank Baker: “EFI is at the forefront of the digital transition in the imaging and print industry, underpinned by a strong software heritage and culture of innovation. 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.”

tony kindelspire oct21

Tony Kindelspire

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