Forgent Power Solutions Announces Closing of Public Offering of Class A Common Stock
Forgent Power Solutions, Inc. (NYSE: FPS) (“Forgent” or the “Company”), a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities, today announced the closing of a public offering of its Class A common stock. The offering consists of 29,094,075 shares of Class A common stock sold by parent entities of the Company controlled by Neos Partners, LP (the “Selling Stockholders”) and 14,555,925 shares of Class A common stock sold by Forgent, in each case at a public offering price of $49.00 per share, less underwriting discounts and commissions.
Forgent did not receive any proceeds from the sale of shares by the Selling Stockholders and the net proceeds Forgent received from the sale of its shares were used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP. The operating subsidiary bore or reimbursed the Company for all of the expenses of the offering.
Goldman Sachs & Co. LLC, Jefferies and Morgan Stanley acted as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays acted as bookrunners for the offering. TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, Oppenheimer & Co. and Stifel acted as passive bookrunners for the offering.
