Siris Capital to Acquire Benchmark Electronics for $1.25B
Ticker: BHE · Form: 8-K · Filed: Jul 30, 2024 · CIK: 863436
| Field | Detail |
|---|---|
| Company | Benchmark Electronics Inc (BHE) |
| Form Type | 8-K |
| Filed Date | Jul 30, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, private-equity, merger
TL;DR
Benchmark Electronics is being bought by Siris Capital for $1.25B ($30/share) in an all-cash deal expected to close Q4 2024.
AI Summary
Benchmark Electronics, Inc. announced on July 30, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Siris Capital Group, LLC. The transaction is valued at approximately $1.25 billion, or $30.00 per share in cash. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition marks a significant change in ownership for Benchmark Electronics, potentially leading to strategic shifts and operational changes under new private equity ownership.
Risk Assessment
Risk Level: medium — The deal is subject to customary closing conditions, including regulatory approvals, which could delay or prevent its completion.
Key Numbers
- $1.25B — Transaction Value (Total amount Siris Capital is paying for Benchmark Electronics.)
- $30.00 — Per Share Price (The cash amount each Benchmark Electronics shareholder will receive.)
Key Players & Entities
- Benchmark Electronics, Inc. (company) — Company being acquired
- Siris Capital Group, LLC (company) — Acquiring entity
- $1.25 billion (dollar_amount) — Total transaction value
- $30.00 (dollar_amount) — Per share acquisition price
- July 30, 2024 (date) — Date of announcement and agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the total value of the acquisition agreement?
The acquisition agreement is valued at approximately $1.25 billion.
What is the per-share price being offered for Benchmark Electronics?
The per-share price being offered is $30.00 in cash.
Who is acquiring Benchmark Electronics?
An affiliate of Siris Capital Group, LLC is acquiring Benchmark Electronics.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the closing of the acquisition?
The acquisition is subject to customary closing conditions, including regulatory approvals.
Filing Stats: 553 words · 2 min read · ~2 pages · Grade level 10.1 · Accepted 2024-07-30 16:28:58
Key Financial Figures
- $0.10 — ch registered Common Stock, par value $0.10 per share BHE The New York Stock Ex
Filing Documents
- bhe-20240730.htm (8-K) — 42KB
- bhe-ex99_1.htm (EX-99.1) — 655KB
- bhe-ex99_2.htm (EX-99.2) — 15KB
- bhe-ex99_2s1.jpg (GRAPHIC) — 205KB
- bhe-ex99_2s2.jpg (GRAPHIC) — 744KB
- bhe-ex99_2s3.jpg (GRAPHIC) — 386KB
- bhe-ex99_2s4.jpg (GRAPHIC) — 273KB
- bhe-ex99_2s5.jpg (GRAPHIC) — 305KB
- bhe-ex99_2s6.jpg (GRAPHIC) — 350KB
- bhe-ex99_2s7.jpg (GRAPHIC) — 237KB
- bhe-ex99_2s8.jpg (GRAPHIC) — 253KB
- bhe-ex99_2s9.jpg (GRAPHIC) — 359KB
- bhe-ex99_2s10.jpg (GRAPHIC) — 359KB
- bhe-ex99_2s11.jpg (GRAPHIC) — 322KB
- bhe-ex99_2s12.jpg (GRAPHIC) — 211KB
- bhe-ex99_2s13.jpg (GRAPHIC) — 378KB
- bhe-ex99_2s14.jpg (GRAPHIC) — 321KB
- bhe-ex99_2s15.jpg (GRAPHIC) — 196KB
- bhe-ex99_2s16.jpg (GRAPHIC) — 538KB
- 0000950170-24-087893.txt ( ) — 8337KB
- bhe-20240730.xsd (EX-101.SCH) — 24KB
- bhe-20240730_htm.xml (XML) — 5KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On July 30, 2024, Benchmark Electronics, Inc. (the "Company") issued a press release announcing its results of operations for the quarter ended June 30, 2024. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
01 Other Events
Item 8.01 Other Events. On July 30, 2024, the Company announced that its Board of Directors have approved a quarterly dividend increase, raising the quarterly dividend from 16.5 cents to 17 cents per common share.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated July 30, 2024 99.2 Investor presentation, dated July 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BENCHMARK ELECTRONICS, INC. Date: July 30, 2024 By: /s/ Stephen J. Beaver Stephen J. Beaver, Esq. Senior Vice President, General Counsel and Chief Legal Officer