West Corporation and Affiliates of Certain Funds Managed by Affiliates of Apollo Global Management Announce the Closing of the Previously Announced Transaction

... whereby affiliates of the Apollo Funds acquired all of the outstanding shares of West common stock for $23.50 per share in cash
Posted Date: 
10 Oct 2017
Source: 
Company Press Release

NEW YORK and OMAHA, Neb., Oct. 10, 2017 (GLOBE NEWSWIRE) -- West Corporation (“West” or the “Company”) (Nasdaq:WSTC), a global provider of communication and network infrastructure services, and affiliates of certain funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE:APO), a leading global alternative investment manager, today announced the successful completion of the previously announced transaction, whereby affiliates of the Apollo Funds acquired all of the outstanding shares of West common stock for $23.50 per share in cash.

On May 9, 2017, West announced that West and certain affiliates of the Apollo Funds had entered into a merger agreement whereby upon completion of the transaction, West stockholders would be entitled to receive $23.50 per share in cash in exchange for their shares of West common stock. The transaction has an enterprise value of approximately $5.2 billion, including net debt and transaction fees and expenses. As a result of the transaction, West common stock will no longer trade on the Nasdaq Stock Market and will be delisted.

Tom Barker, Chairman and Chief Executive Officer of West, said, “We are pleased to have completed the transaction with the Apollo Funds and for West to begin this new chapter. Apollo shares our vision to continue to advance West’s position as a leading technology services business.”