11:52 AM EST, 01/02/2025 (MT Newswires) -- Quisitive Technology Solutions ( QUISF ) was up near 50% and had hit 52 week high levels on Thursday after it entered into an arrangement agreement that will see an affiliate of H.I.G. Capital buy all of the issued and outstanding common shares of the company for a total equity value of about C$169.1 million.

Under the terms of the arrangement agreement, shareholders will receive $0.57 apiece in cash, other than shares held by certain employees who enter into equity rollover agreements, the company said. Quisitive added that the purchase price per share represented a 57.1% premium to the 20-day volume-weighted average price per share for the period ending on Dec. 31, and a 52% premium to the closing price on the TSX Venture Exchange on Dec. 31.

The board of directors of Quisitive, after receiving the unanimous recommendation from a special committee of independent directors, unanimously determined (with an interested director abstaining) that the transaction is "fair and in the best interests of the company."

"Looking ahead, we are pleased to partner with H.I.G., leveraging this strong platform to drive accelerated organic expansion and strategic investments in the business that ultimately benefit our customers," said Quisitive Chief Executive Mike Reinhart.

The company expects to hold a special meeting of shareholders to consider the deal in March 2025 and to mail the management information circular for the special meeting a month earlier.

Shares of the company were last seen up $0.175 at $0.55 on the TSX Venture Exchange.

Price: 0.55, Change: +0.18, Percent Change: +46.67