The private buyout of Blackline Safety Corp. by Francisco Partners Management, L.P., valued at approximately £1.6 billion (based on 167 million outstanding shares), has been completed. As a result, Apollo Purchaser, Inc., an affiliate of Francisco Partners, now holds 100% ownership of the connected safety technology company. This deal, initially announced as a plan of arrangement, offers Blackline shareholders up to $9.50 per share, comprising a cash payment of $9.00 and a contingent value right (CVR) of up to $0.50.
The transaction has significant implications for the company's listing on the Toronto Stock Exchange, with delisting expected soon after completion. Furthermore, Blackline Safety has indicated its intention to cease being a reporting issuer under Canadian securities laws, effectively terminating its public reporting obligations. This shift marks a crucial pivot from a publicly traded entity to privately held ownership.
Blackline's CEO and Chair, Cody Slater, expressed appreciation for shareholder support, acknowledging their role in establishing the company as a global leader in connected safety technology. He also highlighted that this transition will enable Blackline Safety to continue prioritising its mission of protecting workers and advancing workplace safety solutions under Francisco Partners' ownership.
Shareholders who received cash payments can expect these funds to be distributed as soon as possible, while those entitled to CVRs will need to ensure their registration is completed with Odyssey Trust Company. Registered shareholders must submit a properly completed letter of transmittal along with their share certificates to receive the cash consideration and CVR registrations.