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On January 29, 2021, Vice Chancellor Laster of the Delaware Court of Chancery refused to dismiss a shareholder class action stemming from the 2019, $2.2 billion sale of Presidio, Inc., an IT solutions provider specializing in digital infrastructure and cloud and security solutions, to BC Partners Advisors L.P. (“BCP”), a private-equity firm. In
Firefighters’ Pension System of the City of Kansas City v. Presidio, Inc., a shareholder of Presidio filed suit against Presidio’s CEO, its board of directors, Apollo Global Management LLC (Presidio’s controlling shareholder, owning approximately 42% of its outstanding common stock), LionTree Advisors, LLC (financial advisor to both Presidio and Apollo), and the acquiror, BCP.
Del Chancery Allows Merger-Based Breach of Fiduciary Duty Claims to Proceed
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Trimmed Suit Over $2B Presidio Sale Moves On In Chancery
Law360 (January 29, 2021, 9:30 PM EST) A Delaware vice chancellor on Friday trimmed but sent toward trial a suit by a proposed shareholder class action asserting that technology services firm Presidio Inc. was unfairly sold for $2.1 billion to a private equity firm in 2019 due to pressure from its controlling shareholder.
In a 116-page opinion, Vice Chancellor J. Travis Laster let private equity giant Apollo Global Management LLC off the hook for breach of fiduciary claims but let stand claims asserted against Presidio Chairman and CEO Robert Cagnazzi, private equity firm BC Partners Advisors LP and financial adviser LionTree Advisors LLC. Cagnazzi faces a claim of.
Presidio, Inc., a leading North American IT solutions provider, today announced the completion of its
acquisition of Arkphire, headquartered in Dublin, Ireland. Arkphire is a leading IT product procurement and IT services company serving customers internationally across more than 90 countries.
The combined capabilities from Presidio and Arkphire create a new global IT solutions business with an ability to serve customers in all major markets. Commenting on the acquisition, Presidio CEO Bob Cagnazzi said: “We are very excited to formally complete the acquisition and to combine the strengths of both organizations in order to provide the highest levels of service to our customers globally. In particular, we will be seeking to leverage Arkphire’s experience, expertise and global footprint to provide Presidio with a platform to drive business expansion across both Europe and Asia Pacific.”
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Presidio, Inc., a leading North American IT solutions provider, today announced the completion of its acquisition of Arkphire, headquartered in Dublin, Ireland. Arkphire is a leading IT product procurement and IT services company serving customers internationally across more than 90 countries.
The combined capabilities from Presidio and Arkphire create a new global IT solutions business with an ability to serve customers in all major markets. Commenting on the acquisition, Presidio CEO Bob Cagnazzi said: “We are very excited to formally complete the acquisition and to combine the strengths of both organizations in order to provide the highest levels of service to our customers globally. In particular, we will be seeking to leverage Arkphire’s experience, expertise and global footprint to provide Presidio with a platform to drive business expansion across both Europe and Asia Pacific.”
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