The Private Equity and Public M&A teams advised Macquarie Capital and GCM Grosvenor in connection with their entry into a definitive agreement to acquire Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) in an all cash transaction valued at approximately $300 million, including debt. Under the terms of the agreement, a special purpose vehicle formed by Macquarie and GCM will acquire all the outstanding shares of Alaska Communications common stock for $3.00 per share in cash. This represents a premium of approximately 57% over the closing per share price of $1.91 on November 2, 2020, the last trading day prior to the date the merger agreement was executed, and a premium of approximately 50.8% over the 30-day volume weighted average price as of November 2, 2020.
The transaction will result in Alaska Communications becoming a privately held company and is expected to close in the second half of 2021. The transaction is subject to the approval of Alaska Communications' stockholders, regulatory approvals and other customary closing conditions. Alaska Communications’ Board of Directors has unanimously approved the agreement with Macquarie and recommends that Alaska Communications’ stockholders approve the proposed merger and merger agreement.
Macquarie Capital is the corporate advisory, capital markets and principal investment arm of Macquarie Group (ASX: MQG), offering a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s own balance sheet. The company has completed 376 transactions valued at $212 billion as of March 31, 2020.
GCM Grosvenor is a global alternatives investment firm with approximately $57 billion in assets under management in private equity, infrastructure, real estate, credit, absolute return strategies, and multi-asset class opportunistic investments.
The Goodwin team was led by Ilan Nissan, Stuart Cable, Michael Patrone and Lindsay Reed with assistance from William Stanton, Ortal Ben Aharon, Chris Steinroeder, Greg Saiontz, Alexandra Denniston, James Devendorf, Paul Jin, Kirby Lewis, Todd Pollock, Andrew Sucoff, Stephen Charkoudian, Morgan Mordecai and Jacqueline Klosek.
For additional details on the acquisition, please read the press release.