=Rackspace (RAX) to be acquired by Apollo Global (APO) for $32.00/share

• Rackspace (RAX) agrees to be acquired by Apollo Global (APO) for $32.00/share in cash, or approximately $4.3 bln.  (8/26/16)

   

The co announced that it has entered into a definitive agreement with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (APO) to be acquired for $32.00 per share in cash. In connection with the transaction, funds managed by Searchlight Capital Partners, L.P. will make a strategic equity investment in the acquired company. The transaction has a total value of $4.3 billion, which includes the assumption of $43 million of net cash. Upon completion of the transaction, Rackspace will become a privately held company.

• The transaction is expected to close in the fourth quarter of this year. The transaction is subject to the conclusion of the applicable antitrust waiting periods in the United States, the European Union and Israel, stockholder approval and other customary closing conditions.