Morgan, BofA Securities, Deutsche Bank Securities, and UBS Investment Bank provided committed debt financing, and alongside Rothschild & Co and Lazard acted as financial advisors to Clearlake. The Company does not intend to hold a conference call on Thursday, Novemto discuss earnings as previously announced.Ĭenterview Partners and Goldman Sachs are acting as co-financial advisors and WilmerHale as corporate counsel to Endurance. Given today’s announcement, Endurance is releasing its third quarter 2020 financial results concurrent with this announcement. Upon completion of the acquisition, Endurance will become a wholly owned affiliate of Clearlake.įor further information regarding the terms and conditions contained in the definitive merger agreement, please see Endurance’s Current Report on Form 8-K, which will be filed in connection with this transaction.
Clearlake will finance the transaction with a combination of committed equity financing from the Clearlake funds and has secured committed debt financing for the proposed transaction, which is not subject to any financing condition. The proposed transaction is expected to close in the first quarter of 2021 and is subject to approval by Endurance shareholders, along with the satisfaction of customary closing conditions (including antitrust regulatory clearance). We are proud to serve approximately 5 million customers worldwide as a provider of solutions that help small and medium businesses succeed online and enhance the value of their customer relationships,” said Jeff Fox, President and Chief Executive Officer of Endurance. “We are pleased with this agreement which recognizes the value of our multi-brand scale platform. Certain affiliates of Warburg Pincus and Goldman Sachs Private Equity Partners have entered into a voting agreement committing them to, among other things, vote approximately 36% of the outstanding shares of Endurance common stock in favor of adopting the acquisition agreement. Securities and Exchange Commission (the “SEC”). The purchase price represents a 79% premium over Endurance’s unaffected share price of $5.30 as of September 25, 2020, the last trading day prior to media speculation about a potential transaction, and a 64% premium to its closing share price on Octoof $5.81.Ī special meeting of Endurance shareholders will be held promptly following the filing of a definitive proxy statement with the U.S. Under the terms of the definitive agreement, which has been unanimously approved by the members of the Endurance Board of Directors, affiliates of Clearlake will acquire all of the outstanding common shares of Endurance for $9.50 per share in cash. (“Clearlake”) in an all cash transaction valued at approximately $3.0 billion including outstanding indebtedness. (“Endurance” or the “Company”) (Nasdaq: EIGI), a leading provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, announced today that it has entered into a definitive merger agreement to be acquired by affiliates of Clearlake Capital Group L.P. 02, 2020 (GLOBE NEWSWIRE) - Endurance International Group Holdings, Inc.
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