Clearlake to sell ConvergeOne to CVC for $1.8bn.

Clearlake, a leading private investment firm, sold ConvergeOne, a leading global IT and managed services provider of collaboration and technology solutions, to CVC for $1.8bn in an all-cash transaction. Pursuant to the terms of the merger agreement, affiliates of CVC will commence a tender offer for all of the outstanding shares of the Company in an all-cash transaction valued at $12.50 per share of common stock of the Company, representing a 35% premium to the thirty-day VWAP prior to October 25, 2018 and representing over a 56% premium to the closing price on ConvergeOne's debut date on the Nasdaq on February 23, 2018. "We are very impressed by the momentum of ConvergeOne and share their excitement for the Company's growth potential. ConvergeOne has a significant opportunity to capitalise on the cloud adoption and digital transformation tailwinds of its enterprise customers. Using our industry expertise and global network, we look forward to supporting ConvergeOne's continued growth, both organically and through its proven M&A program." Chris Colpitts, CVC's Senior Managing Director.