Marlin Equity Partners, a global investment firm, has entered into a definitive agreement to acquire all outstanding shares of Tangoe, Inc. (OTCPK: TNGO) (“Tangoe”) for USD 6.50 per share in cash, the company said.
Tangoe is a global leader in telecom expense management (TEM) solutions that enable enterprises to manage and optimize spend across multiple IT categories by providing visibility into the complex processes associated with their assets and expenses.
At closing, Marlin intends to combine Tangoe with its existing portfolio company Asentinel, a provider of TEM software and services. The combination would create a market leader managing more than USD 38bn of IT and telecom spend on behalf of over 1,300 customers worldwide.
The new company would operate under the Tangoe brand with Jim Foy continuing to serve as CEO, with Tim Whitehorn, CEO of Asentinel, serving as the Chief Product Officer.
Tangoe´s board of directors has approved and will recommend Marlin´s proposal to acquire all outstanding common shares of Tangoe not already owned by Marlin for USD 6.50 in cash per share, subject to various conditions.
Under the terms of the merger agreement, an affiliate of Marlin is required to commence a tender offer to acquire all outstanding shares of Tangoe´s outstanding common stock at USD 6.50 per share in cash no later than May 12, 2017.
The transaction is expected to close late in the second quarter of 2017.
Schulte Roth & Zabel LLP is acting as legal counsel to Marlin. Stifel, Nicolaus & Company, Inc. is acting as financial advisor to Tangoe and Wilmer Cutler Pickering Hale and Dorr LLP is acting as legal counsel to Tangoe.
Marlin Equity Partners is a global investment firm with over USD 6.7bn of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs.
Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company´s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 100 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London.
Tangoe, Inc. is a global provider of IT and Telecom Expense Management (TEM) software and related services to a wide range of global enterprises and service providers. Tangoe helps companies transform the management of IT assets, services, expenses, and usage to create business value, increase efficiency, and deliver a positive impact to the bottom line.