GS Acquisition Holdings II (GSAH) Convinces 5M Shares to Un-Redeem
GS Acquisition Holdings II (NYSE:GSAH) announced this morning that about 5 million shares that had previously been tendered for redemption in connection with the close of its merger with Mirion Technologies would now stay in the transaction.
This keeps about $50 million more in the deal and improves what was already a good completion result to about 20% of shares redeemed overall. As many SPACs have done recently, GS II pre-announced that just 26.1% of its shares had been redeemed the day before completion vote giving shareholders an additional day to reverse their redemption decisions.
This is generally done to remove any uncertainty about the health of the deal post-redemptions, and in this case it appears to have had a significant effect.
GS II shareholders approved the transaction yesterday and it expects to close the business combination later today, after which the combined company’s shares and warrants are expected to trade on the NYSE under the symbols “MIR” and “MIRW”, respectively.
The parties initially announced the $2.6 billion deal on June 17. San Ramon, California-based Mirion provides radiation detection equipment and services to sectors ranging from nuclear power generation to defense and nuclear medicine.
ADVISORS
- Goldman Sachs & Co. LLC acted as lead placement agent and exclusive financial advisor to GSAH.
- Lazard Ltd. and HSBC acted as financial advisors to Charterhouse and Mirion.
- Goldman Sachs Lending Partners LLC and Citigroup Global Markets Inc. are providing committed debt financing in support of the transaction.
- Weil, Gotshal & Manges LLP acted as legal advisor to GSAH.
- Davis Polk & Wardwell LLP acted as legal advisor to Mirion
- Freshfields Bruckhaus Deringer LLP acted as legal advisor to Charterhouse.
- Sullivan & Cromwell LLP acted as legal advisor to Goldman Sachs & Co. LLC as lead placement agent.
- Milbank LLP acted as legal advisor to Goldman Sachs Lending Partners LLC and Citigroup Global Markets Inc.