Boston-based private equity firms ABRY Partners and Canadian information technology firm Q9 Networks have agreed a C$361 million ($344 million, €235 million) deal to take the Toronto-based company private.
ABRY will pay C$17.05 per share for the publicly-listed company, a 38 percent premium to Q9’s 30-day average trading price. If approved by shareholders at a special meeting to be held in October, the deal is expected to close in the fourth quarter of this year.
Q9 provides outsourced data centre infrastructure for Canadian businesses, including the management of servers, bandwidth, firewalls and private networking.
Media and communications specialist ABRY is investing from its sixth fund, which is currently still fundraising. ABRY Partners VI is targeting a roughly $1.35 billion close, according to Probitas Partners 2008 Private Equity Deskbook.
Debt financing for the deal has been committed by TD Securities, TD Capital Mezzanine Partners and affiliates, according to a statement by Q9.