Tiles

EFI to be acquired by an affiliate of Siris Capital Group

02/05/2019

EFI announces definitive agreement to be acquired by Siris a Capital Group in a transaction valued at approximately $1.7 Billion. Acquisition expected to close by Q3 2019

Bill Muir, CEO EFI

EFI Electronics For Imaging, Inc., a world leader in customer focused digital printing innovation, announced on April 15 that it has entered into a definitive agreement to be acquired by an affiliate of Siris Capital Group, LLC in an all-cash transaction valued at approximately $1.7 billion. Siris is a leading private equity firm focused on investing and driving value creation in technology companies that provide mission-critical solutions and are facing technology transitions.

Under the terms of the agreement, which has been unanimously approved by EFI's Board of Directors, an affiliate of Siris will acquire all the outstanding common stock of EFI for $37.00 per share in cash. The purchase price represents an approximately 45% premium over EFI's 90-day volume-weighted average price ended on April 12, 2019.

"We believe this transaction delivers superior and immediate value to our shareholders while providing us with a partner that can add strategic and operational expertise to our business," said Bill Muir, Chief Executive Officer of EFI. "We are excited to partner with Siris' highly experienced team on this next phase of growth for EFI."

Commenting on the transaction, Frank Baker, a Siris Co-Founder and Managing Partner, said, "EFI is at the forefront of the digital transition in the imaging and print industry, underpinned by a strong software heritage and culture of innovation. We believe that, by partnering with Siris, EFI will be well positioned to capture this transformational opportunity associated with increased digital inkjet penetration, industrial automation and software enablement. We are eager to partner with management to help the Company achieve its strategic objectives."

The proposed transaction is expected to close by the third quarter of 2019 and is subject to approval by EFI's shareholders, along with the satisfaction of customary closing conditions including antitrust regulatory approvals.

EFI currently expects Q1 2019 revenue to be between $220 million and $225 million.

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