Tuesday, 16 Apr 2019 11:28 GMT

EFI to be acquired

Electronics for Imaging (EFI) has announced it is to be acquired by an affiliate of private equity firm, Siris Capital Group.

The digital printing firm has entered into a definitive agreement to be acquired in an all-cash transaction valued at approximately $1.7bn (£1.3bn).

Under the terms of the agreement, an affiliate of Siris will acquire all the outstanding common stock of EFI for $37 (£28) per share in cash.

Bill Muir, chief executive officer of EFI comments: “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.

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

EFI may solicit alternative acquisition proposals from third parties during a “go-shop” period over the next 45 days. EFI’s board of directors have unanimously recommended that its shareholders adopt the agreement with Siris.

We believe this transaction delivers superior and immediate value to our shareholders

Subject to the go-shop, the proposed transaction is expected to close by third quarter of 2019 (July 1st – September 30th).

“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,” adds Frank Baker, a Siris co-founder and managing partner.

“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.”

Overseeing the acquisition is Sidley Austin, which is serving as corporate counsel, Kirkland & Ellis which is serving as financial council, and RBC Capital Markets which is serving as merger and acquisition advisor to Siris.

Morgan Stanley & Co and Greenhill & Co are serving as financial advisors to EFI, and O’Melveny & Myers as its legal counsel.

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.