Gores Holdings III Completes Acquisition of PAE; Combined Company Renamed PAE Incorporated
November 1, 2019
Gores Holdings III, a SPAC sponsored by The Gores Group, completed its acquisition of Platinum Equity portfolio company PAE and the combined company was renamed PAE Incorporated and began trading on Nasdaq under PAE and PAEWW. The transaction valued PAE at an approximate $1.55 billion enterprise value and was funded with Gores Holdings III trust cash plus a $220 million private placement led by Alec Gores, with Platinum Equity affiliates retaining a meaningful stake in the new public company.
- Buyers
- Gores Holdings III, Inc. (SPAC), Alec Gores / The Gores Group (led $220M private placement)
- Targets
- PAE
- Sellers
- Shay Holding Corporation (PAE's parent), Platinum Equity, Other minority owners of PAE
- Industry
- Government & Public Sector
- Location
- Virginia, United States
- Transaction Type
- Buyout
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