Apollo Takes West Corp Private

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Apollo Global Management LLC (NYSE: APO) said on May 9, 2017, that it had agreed to acquire West Corp (Nasdaq: WSTC) in a cash deal for approximately $2 billion, or $23.50 per share. The deal has been unanimously approved by West CorpÕs board. This acquisition comes as West Corp’s $3 billion debt continues to rise due to price competition from its peers. Tom Barker, chairman and CEO of West Corp, said, “We believe this transaction achieves our goal of maximizing value for West stockholders and positions the Company for continued success.” West Corp chose to suspend its quarterly dividend as part of the agreement. West Corp relied on Centerview Partners and Sidley Austin LLP for financial and legal counsel, respectively. Credit Suisse, JP Morgan, LionTree, and Morgan Stanley acted as financial advisers to Apollo Global Management.

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