Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology, has completed its going-private transaction with an affiliate of Francisco Partners Management, L.P.
Apollo Purchaser, Inc., an affiliate of Francisco Partners, acquired all issued and outstanding common shares of Blackline Safety as part of the arrangement.
Shareholders received up to $9.50 per share under the deal, comprising $9.00 per share in cash at closing plus a contingent value right of up to $0.50 per share.
Francisco Partners did not own or exercise control over any Blackline shares immediately prior to the arrangement’s completion, acquiring 87,438,183 shares through the transaction.
As a result of the completed arrangement, Blackline Safety’s shares will be delisted from the Toronto Stock Exchange.
The company intends to apply to cease being a reporting issuer under applicable Canadian securities laws and terminate its public reporting requirements.
CEO and Chair Cody Slater expressed gratitude to shareholders following the deal’s completion, citing the company’s worker safety mission as central to its growth.
“We are grateful to our shareholders for their support over the years as Blackline pursued its mission to give workers the confidence to get the job done and return home safe,” said Slater.
“As we begin this next chapter with Francisco Partners, we remain focused on supporting our customers, employees and partners while advancing our mission to protect workers and drive a safer, more productive connected workplace,” Slater added.
Beneficial shareholders will receive their cash consideration as soon as reasonably practicable, with CVRs also issuable under the terms of the arrangement.
Registered shareholders must submit a properly completed letter of transmittal to Odyssey Trust Company, the depositary, along with relevant share certificates to receive payment.
Blackline Safety operates across more than 75 countries, providing wearable devices, gas monitoring, cloud-connected software, and data analytics to industrial workforces globally.
The company has reported over 336 billion data points and initiated more than eight million emergency alerts through its cellular and satellite-connected safety devices.
Francisco Partners has invested in over 500 technology companies since its launch more than 25 years ago, with over $73 billion in capital raised to date.