Abernathy MacGregor represents Hellman & Friedman as it heads an investor group's $11B buyout of Ultimate Software, $940M revenues cloud-based human capital management solutions company.
The all-cash $331.50 per-share offer is a 32 percent premium over UI's average closing price during the past 30 trading days.
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Scott Scherr, UI CEO, said the offer provides shareholders a “substantial premium.”
He believes the deal will give UI the funding to “made additional prudent investments in our products and services to better serve our customers."
The agreement includes a 50-day “go-shop” provision that allows UI to line up a better offer.
Founded in 1990, Weston, FL-based UI maintains more than 48M people records in the cloud.
Its 5,600-member workforce serves more than 2,500 companies including Texas Roadhouse, Yamaha Corp. of America, SUBWAY, Culligan International and Red Roof Inn.
AbMac’s James Bourne and William Braun handle H&F.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group handles Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
