Covad Sold to Private Equity
October 29, 2007
The private equity trend keeps rolling on...
Covad Communications Group Inc., announced that it has signed a definitive agreement to be acquired by an affiliate of Platinum Equity for $1.02 per share in cash. The company’s board has reportedly unanimously approved this transaction.
The purchase price carries a 59% premium as compared to Friday’s closing price of $0.64.
The deal is expected to close by the end of the Q208.
Los Angeles, CA-based Platinum Equity is a global acquisition firm uniquely specialized in the operation of mission-critical solutions and services companies
The majority of Platinum Equity’s client lineup is the result of acquisitions made with such companies as General Electric, Vivendi Universal, Hays, CompuCom, Alcatel, Kemper Services, Motorola, Lucent Technologies, Fujitsu, AT&T, and IBM.
Platinum Equity was the firm behind the 2005 acquisition of USRobotics, the well known maker of broadband and analog modems and networking solutions.
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