Cerberus Capital Management, a private equity firm, agreed to acquire IWCO Direct, a provider of data-driven direct marketing solutions, from Steel Connect, a publicly-traded diversified holding company, for $361m. In light of these developments, the board of Steel Connect determined that it was in the best interests of Steel Connect’s shareholders to pursue an orderly and consensual disposition of IWCO to the Cerberus-led investor group. Although the board considered other alternatives for IWCO, the board concluded that such alternatives would not be viable. Steel Connect did not receive any cash consideration from the Cerberus-led investor group in exchange for the disposition of IWCO.