11:57 AM EST, 02/07/2025 (MT Newswires) -- (Updates shares.)

Converge Technology Solutions ( CTSDF ) shares rose by more than half after the company on Friday said it agreed to an offer from H.I.G. Capital to acquire the company in an all-cash transaction valued at $1.3 billion.

Under the deal, Converge shareholders will receive $5.50 per share, a 56% premium to the closing price on Feb. 6.

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

Converge shares were last seen up $1.885 to $5.415 on the Toronto Stock Exchange.

Price: 5.42, Change: +1.89, Percent Change: +53.40