Atlas Technical Consultants, Inc. (NASDAQ: ATCX) is engaged as an infrastructure and environmental solutions provider, which works with clients to help extend infrastructure life from climate, health and economic impacts. Shares of the infrastructure solutions company are skyrocketing 120% through early trading on Tuesday, January 31, 2023. Over the past three months, Atlas Technical Consultants has seen average daily volume of 94,520 shares. However, volume of 4.11 million shares or dollar volume of around $49.61 million, has already exchanged hands through early trading.
Shares of Atlas Technical Consultants are surging after the company announced it has executed a definitive agreement to be acquired by the private investment firm, GI Partners. Under the terms of the agreement, GI Partners will acquire all outstanding shares of Atlas Technical Consultants at a price per share of $12.25, which gives the transaction a total value of $1.05 billion, including debt.
The acquisition price per share of $12.25 represents a premium of 124% compared to its closing price on January 30, 2023. Once the transaction is completed, Atlas Technical will delist from the Nasdaq and become a privately-held company.
Atlas’ Board of Directors has unanimously approved the transaction and urged shareholders to vote in favor of the deal as well. Bernhard Capital Partners affiliates, which own approximately 43% of the Atlas Technical’s outstanding shares, have entered into a voting agreement supporting the transaction.
Before the deal can be finalized, Atlas Technical Consultants shareholders will need to vote to approve the deal and regulators must give the “green light” of approval as well. Overall, the transaction is estimated to be closed during the second quarter of 2023.
“Since founding Atlas in 2017, we have built one of the largest pure-play professional and technical services businesses, serving infrastructure and environmental markets in the United States,” said L. Joe Boyer, Atlas’ Chief Executive Officer. “This transaction recognizes the value our team has created over the last five years. Our partnership with GI Partners represents a new and exciting chapter for our employees and our customers. We are aligned in delivering exceptional service and helping our clients design and complete infrastructure projects that improve their communities.”
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/
