PLAINVIEW, N.Y. — Spin Holdco, a wholly-owned subsidiary of CSC ServiceWorks, has acquired all of the outstanding common stock of Mac-Gray for $21.25 per share, the company reports.
The transaction is pursuant to a definitive agreement that CSC ServiceWorks and Mac-Gray entered into last October. Aggregate value of the transaction is approximately $584 million, taking into account Mac-Gray’s outstanding stock options, restricted stock units and net debt, according to CSC ServiceWorks.
The transaction was approved by the board of directors and stockholders of Mac-Gray, and as a result, the company’s stock has ceased trading on the New York Stock Exchange.
“For many years our businesses have been industry leaders. The combination of these two companies along with the sharing of best practices will result in ideas that will maximize customer satisfaction and provide offerings that are unsurpassed in our industry,” says Bob Doyle, CEO of CSC ServiceWorks. “This is truly an exciting day for both of our organizations’ employees and customers.”
“We are very excited to merge with CSC ServiceWorks,” says Phil Emma, COO of Mac-Gray. “Our two organizations have been healthy competitors within the industry, and this transaction is a genuine benefit for us both. It is a testament to both companies’ ongoing commitment to provide compelling customer solutions to the market.”