ConvergeOne to be bought out by CVC in a deal valued at $1.8 billion
ConvergeOne Holdings Inc. said Tuesday it has agreed to be acquired by affiliates of CVC Fund VII in an all-cash deal valued at $1.8 billion. The stock is currently halted for news until 8:30 a.m. Eastern. Under terms of the agreement, CVC will pay $12.50 for each ConvergeOne share outstanding, which is 33% above Monday's closing price of $9.43, and which implies a market capitalization of about $955 million. Affiliates of Clearlake Capital Group, which own a combined 68% of information technology company's shares outstanding, have agreed to tender their shares to CVC. ConvergeOne's stock has gained 0.6% over the past three months, while the S&P 500 has lost 3.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.