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SnapAV to launch $390 million incremental term loan on July 10
By Sara Rosenberg
New York, June 28 – SnapAV will hold a bank meeting at 12:30 p.m. ET in New York on July 10 to launch its $390 million incremental first-lien term loan, according to a market source.
UBS Investment Bank, SunTrust Robinson Humphrey Inc. and BMO Capital Markets provided the debt commitment.
Proceeds will be used to help fund the acquisition of Control4 Corp. for $23.91 per share in cash, representing an aggregate value of about $680 million.
Private equity investment firm Hellman & Friedman, SnapAV’s majority shareholder since 2017, will invest additional equity as part of the transaction and be the majority shareholder of the combined company.
Closing is expected in the second half of 2019, subject to customary conditions, including regulatory approvals and approval by Control4 shareholders.
SnapAV is a Charlotte, N.C.-based manufacturer and primary source of A/V, surveillance, networking and remote management products for professional integrators. Control4 is a Salt Lake City-based provider of smart home solutions.
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