GS Acquisition Holdings Corp II (GSAH) Expected to Close Business Combination with Mirion Technologies on October 20
- Wall Street rebounds after virus-related sell-off
- Here's What Analysts are Saying as Twitter (TWTR) Stock Erases Earlier Gains
- Moderna (MRNA) Stock Up 10% as WHO Says Omicron Covid Variant Poses 'Very High' Global RIsk
- 2 Reasons Why Citi Downgraded Merck (MRK) to Neutral Today, Opened a Negative Catalyst Watch
- Why EV Li Auto (LI) Stock Is Up 8% Today
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
GS Acquisition Holdings Corp II (“GSAH”) (NYSE: GSAH, GSAHU, GSAHWS), a special purpose acquisition company, today announced that it expects all conditions to be met, including minimum cash proceeds, subject to stockholder approval, to complete its previously announced business combination with Mirion Technologies (“Mirion”), a global leader in radiation detection & measurement technologies.
Based on the number of public shares submitted for redemption, the transaction is expected to raise approximately $554 million from GSAH trust proceeds, $900 million from a fully committed common stock private placement (PIPE) and $830 million from a senior secured term loan financing. A portion of the proceeds will be used to pay $1.3 billion to existing Mirion stockholders, to refinance approximately $909 million of existing Mirion third-party debt and to pay certain transaction expenses.
Tom Knott, Chief Executive Officer of GSAH, commented, “We are pleased to see the broad investor support for this transaction. Mirion is a high quality, defensive business with a long operating history, strong and resilient cash flows, and multiple paths for continued growth and margin expansion. We believe this transaction will position Mirion well and we are excited about its future as a public company.”
“On behalf of myself and the entire Mirion team, we are excited to observe the early support for this transaction. Upon the closing of the transaction, the capital raised, paired with our new access to the public markets, will enable us to drive both organic and inorganic growth and execute on our product innovation strategy as we continue to expand globally,” said Thomas Logan, Chief Executive Officer of Mirion.
GSAH also announced today that the deadline for stockholders to withdraw any election to have their shares redeemed in connection with the Business Combination will be 5:00 p.m. Eastern Time on Tuesday, October 19, 2021. Stockholders who wish to withdraw a redemption request should contact GSAH’s transfer agent, Continental Stock Transfer & Trust Company, by email at email@example.com.
Upon completion of the business combination, GSAH will change its name to “Mirion Technologies, Inc.” Following the consummation of the business combination, Mirion’s Class A common stock and public warrants are expected to begin trading on the New York Stock Exchange under the symbols “MIR” and “MIRW”, respectively.
The special meeting of GSAH stockholders (the “Special Meeting”) is scheduled to occur at 10:00 a.m. Eastern Time, on October 19, 2021 and will be held exclusively in a virtual format. Additional details regarding the proposals and the Special Meeting are available in the definitive proxy statement/prospectus relating to the Special Meeting. Stockholders can view GSAH’s definitive proxy statement/prospectus at the link here.
Subject to stockholder approval and satisfaction or waiver of all closing conditions, GSAH and Mirion expect to close the business combination on October 20, 2021.
Mirion Technologies is a leading provider of detection, measurement, analysis and monitoring solutions to the nuclear, defense, medical and research end markets. The organization aims to harness its unrivaled knowledge of ionizing radiation for the greater good of humanity. Many of the company's end markets are characterized by the need to meet rigorous regulatory standards, design qualifications and operating requirements. Headquartered in Atlanta (GA – USA), Mirion employs around 2,500 people and operates in 13 countries. For more information, and for the latest news and content from Mirion, visit Mirion.com. Mirion is currently a portfolio company of Charterhouse Capital Partners, LLP.
GS Acquisition Holdings Corp II (NYSE: GSAH) is a special purpose acquisition company formed for the purpose of effecting merger, stock purchase or similar business combination with one or more businesses. The company is sponsored by an affiliate of The Goldman Sachs Group, Inc. In June 2020, GSAH completed its initial public offering, raising $750 million from investors.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boxed and Seven Oaks (SVOKU) Announces up to $100M Forward-Purchase Agreement in Connection with Proposed Merger
- Apollo (APO) and Athene (ATH) Acquire Majority Stake in Aqua Finance at $1B Value
- Intuit (INTU) Announces 1.55M Share Secondary Offering
Create E-mail Alert Related CategoriesMergers and Acquisitions, SPAC
Related EntitiesGoldman Sachs, Definitive Agreement, IPO, SPAC
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!