- Hill International ( NYSE: HIL ) agreed to be sold to Global Infrastructure Solutions Inc. for $173 million.
- Under the terms of the deal, Global Infrastructure will commence an all-cash tender offer to acquire 100% of the issued and outstanding shares of Hill for $2.85 in cash per share, a 63% premium to Hill’s closing share price on Tuesday, according to a statement.
- The Global Infrastructure agreement comes after Godspeed Capital Management offered to buy Hill ( HIL ) for $1.85/share last month.
- The transaction is expected to close in the Q4. Engine Capital, which holds approximately 10% of the common shares outstanding, has agreed to tender their shares in the offering. Closing of the transaction is not subject to a financing condition.
- Hill ( HIL ) was assisted on the transaction by financial advisor Houlihan Lokey and legal advisor Duane Morris LLP. GISI was assisted on the transaction by financial advisor UBS Investment Bank and legal advisor Cooley LLP.
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Hill International agrees to be sold to Global Infrastructure Solutions for $173M