06:34 AM EST, 02/07/2025 (MT Newswires) -- Converge Technology Solutions ( CTSDF ) on Friday said H.I.G. Capital agreed to acquire the company in an all-cash transaction with an enterprise value of about $1.3 billion.

Under the deal, Converge shareholders will receive $5.50 per share in cash, a 56% premium to the closing price on Feb. 6 and a 57% premium to the 30-day volume weighted average price.

Converge will delist from all public markets at the deal closing.

The company's board unanimously backed the deal and shareholders owning 24% of Converge's outstanding shares have agreed to support the deal.

At deal closing, Converge will join the H.I.G. owned entity and diversified IT solutions provider Mainline Information Systems. Converge CEO Greg Berard will serve as CEO of the combined business and Mainline President and CEO Jeff Dobbelaere will serve as president.

Converge will release preliminary fourth-quarter results on Feb. 10.