Fremont, Calif.-based Electronics For Imaging Inc. (EFI™) reports it has entered into an agreement to be acquired by an affiliate of Siris Capital Group LLC, New York City — a private equity firm focused on investing in technology companies that provide mission-critical solutions and are facing technology transitions.
The all-cash deal is valued at approximately $1.7 billion. EFI’s board of directors has unanimously approved the terms, whereby the Siris affiliate will acquire all the outstanding EFI common stock for $37 per share. EFI maintains the right to solicit alternative proposals from third parties and may terminate the agreement if a superior proposal is found subject to the terms and conditions of the agreement. The proposed transaction is expected to close by the third quarter of 2019 subject to EFI shareholder and antitrust regulatory approvals.
EFI reports it anticipates first quarter 2019 revenue to be between $220 million and $225 million.
“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,” said Bill Muir, CEO, EFI. “We are excited to partner with Siris’ highly experienced team on this next phase of growth for EFI.”
May/June 2019
