Lionbridge Technologies, Inc., announced that it has signed a definitive agreement to be acquired by an affiliate of H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm. Under the terms of the agreement, Lionbridge stockholders will receive $5.75 per share in cash for each share of Lionbridge common stock, representing a 17% premium over Lionbridge's 60 day-weighted average price per share as of December 09, 2016.
H.I.G. is a leading global private equity investment firm with $21 billion of equity capital under management. The firm invests in companies throughout the U.S., Europe and Latin America and aligns itself with committed management teams to help build businesses of significant value. The H.I.G. team of over 250 investment professionals has substantial operating, consulting, technology and financial management experience, enabling the firm to contribute meaningfully to its portfolio companies to help them achieve their operating and financial objectives.
Members of Lionbridge's Board of Directors voting on the matter have unanimously approved the merger agreement and agreed to recommend that stockholders adopt the agreement. The transaction will be financed through a combination of debt and equity financing, as well as potentially cash and cash equivalents on Lionbridge's balance sheet. H.I.G. has received debt financing commitments to finance the transaction. There is no financing condition to the obligations of the equity sponsors to consummate the transaction.