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PIPE Deals Are Always and By Definition Very Expensive
Insight Enterprises (NSIT) has to raise between $500 and $600 million to pay for the $581 million acquisition of PCM, Inc. (PCMI). I have written several articles about the virtues of this deal in Seeking Alpha, including "Insight Updates Its Forecast With PCM Acquisition" on August 8, 2019. The issue I left out is that NSIT only has $112.8 million in cash as of June 30, 2019.
I took NSIT at its word in its presentation that the acquisition would be "financed