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Ericsson completes acquisition of Envivio

October 28, 2015 08.43 Europe/London By Robert Briel

Ericsson has completed the acquisition of Envivio.

The transaction was completed through a merger of its indirect wholly-owned subsidiary, Cindy Acquisition Corporation, with and into Envivio. Envivio, Inc. survives the merger as a wholly-owned subsidiary of Ericsson.

The merger follows the successful completion of the tender offer by Ericsson for all shares in Envivio for the price of $4.10 per share. As of expiration of the tender offer, 26,385,322 shares (including 58,467 shares pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing in excess of 93% of Envivio’s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.

As a result of the merger, any Envivio shares not tendered in the tender offer have been converted into the right to receive $4.10 per share. In addition, options to purchase Envivio shares have been converted into the right to receive a cash payment equal to their net exercise value, based on the USD 4.10 per share merger consideration.

Notwithstanding the completion of the merger, Ericsson will pay for shares tendered via guaranteed delivery procedures promptly after delivery of those shares.

As a result of the merger, Envivio shares will be delisted from the NASDAQ Global Select Market.

The closing follows the announcement on September 10, 2015, that Ericsson was entering into an agreement to acquire Envivio by means of a tender offer for a price of $4.10 per share in cash, or approximately $125 million in the aggregate.

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Filed Under: Finance, Newsline, Tech Tagged With: Envivio, Ericsson Edited: 28 October 2015 08:43

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About Robert Briel

Arnhem-based Robert covers the Benelux, France, Germany, Austria and Switzerland as well as IPTV, web TV, connected TV and OTT. Email Robert at rbriel@broadbandtvnews.com.

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