Gores Holdings III (PAE) Completes Acquisition of PAE
Gores Holdings III, Inc. (PAE), which recently held their shareholder vote to complete their combination with PAE on Friday, February 7th, announced this morning that they have now closed their acquisition.
PAE, which is a Platinum Equity portfolio company, was founded in 1955 and is a leading provider of mission-critical services to the U.S. government, armed forces and international customers including the U.S. Department of State, Army, Navy, Air Force, NASA and others. Headquartered in Falls Church, Virginia, PAE operates in approximately 60 countries across all seven continents.
At Friday’s vote, the transaction was approved by shareholders and while we don’t have an exact vote count yet, Gores III released that 0.0005% of shareholders redeemed, which is roughly 200 shares. This is another great result in a string of great results from SPAC combinations. Today’s announcement from Gores III, also follows the success of Platinum Equity’s other portfolio company, Vertiv, which recently combined with GS Acquisition Holdings (now VRT), which is currently trading at ~$13.06. Platinum Equity is having a very good week.
Gores Holdings III has been renamed PAE Incorporated and its common stock and warrants will trade on the Nasdaq under the symbols “PAE” and “PAEWW”, respectively.
ADVISORS
- Deutsche Bank Securities Inc. and Evercore acted as lead financial advisors to Gores Holdings III.
- Deutsche Bank Securities Inc. also acted as lead capital markets advisor
- Evercore, BofA Securities and Morgan Stanley & Co, LLC also acted as capital markets advisors
- Moelis & Company LLC acted as financial advisor.
- Weil, Gotshal & Manges LLP acted as legal advisor to Gores Holdings III.
- Latham & Watkins LLP acted as legal advisor to Platinum Equity and PAE.