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Atairos to Buy Stake in Human Resources Solutions Firm TriNet for USD 440m.

M2 EQUITYBITES-December 28, 2016-Atairos to Buy Stake in Human Resources Solutions Firm TriNet for USD 440m


28 December 2016 - US-based investor and business development company Atairos Group, Inc will acquire an approximate USD 440m ownership stake US-based human resources solutions provider TriNet Group, Inc. (NYSE: TNET) by purchasing approximately 17.7m shares of TriNet common stock for USD 25.00 per share from funds affiliated with investor General Atlantic, the company said.

This represents the entire remaining stake held by General Atlantic, which first invested in TriNet over 11 years ago.

The investment represents an approximately 26% ownership position in TriNet, bringing Atairos' total ownership position to approximately 28%.

No new shares will be issued by TriNet and TriNet will not receive any proceeds in connection with this transaction.

In connection with the investment, Atairos has entered into a stockholder agreement with TriNet, pursuant to which, among other things, Michael Angelakis, chairman and chief executive officer of Atairos, will join TriNet's board of directors, increasing the total number of TriNet directors to ten.

The transaction is expected to be completed in 1Q17, subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.

David Hodgson, managing director of General Atlantic, will continue to serve on TriNet's board of directors.

TriNet is a provider of human resources solutions for small to midsize businesses, or SMBs.

Atairos is an independent, private company focused on supporting growth-oriented businesses across a range of industries. Atairos provides a combination of active strategic partnership and long-term capital.

The company was launched in 2016 with more than USD 4bn in committed capital and has offices in New York and Bryn Mawr, PA.

J.P. Morgan Securities LLC acted as financial adviser and Simpson Thacher and Bartlett LLP provided legal counsel to Atairos, Paul, Weiss, Rifkind, Wharton and Garrison LLP provided legal counsel to General Atlantic, and Davis Polk and Wardwell LLP provided legal counsel to TriNet.

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Publication:M2 EquityBites (EQB)
Date:Dec 28, 2016
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