Centerbridge and Bridgeport to acquire Computer Services Inc for $1.6bn

According to terms of the deal, CSI shareholders will receive $58.00 per share in cash.

  • The deal is expected to close in the fourth quarter of this year
  • CSI will become a private company and no longer trade on any public market
  • Centerbridge has approximately $34 billion in capital under management, as of June 30, 2022

Centerbridge Partners and Bridgeport Partners have agreed to acquire to Computer Services Inc, a provider of fintech and regtech solutions, for about $1.6 billion.

According to terms of the deal, CSI shareholders will receive $58.00 per share in cash. The deal is expected to close in the fourth quarter of this year.

Also, upon the closing of the deal, CSI will become a private company and no longer trade on any public market.

Further, in connection with the transaction, all members of the CSI board of directors and Founder and Chairman Emeritus John A. Williams have entered into a voting and support agreement to vote in favor of the transaction.

“Supporting high-quality companies is central to our strategy at Centerbridge, and we have a deep track record of doing so in both financial services and technology. We are excited to work with CSI, as we share a like-minded commitment to innovation for customers and satisfaction for employees,” said Jared Hendricks, senior managing director at Centerbridge and Ben Jaffe, managing director at Centerbridge, in a statement. “CSI has a long, distinguished history in Paducah, Kentucky, as well as other local communities across the nation. We plan to continue our commitment and investment in these communities to further foster the CSI legacy.”

Raymond James & Associates, Inc. and Moelis & Company LLC are acting as co-financial advisors to CSI, and Nelson Mullins Riley & Scarborough LLP is acting as its legal counsel. Goldman Sachs & Co. LLC and Jefferies LLC are acting as financial advisors to Centerbridge and Bridgeport. Kirkland & Ellis LLP is serving as legal counsel to Centerbridge. Aviditi Financial, LLC is serving as a capital markets advisor to Bridgeport. Weil, Gotshal and Manges LLP is serving as legal counsel to Bridgeport.

Centerbridge was founded in 2005 and, as of June 30, 2022, has approximately $34 billion in capital under management with offices in New York and London.

Bridgeport Partners is a private investment firm with a long-term, value-oriented approach to investing.