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April 1, 2009 Trivergance led Polaris Acquisition Corp. received shareholder approval and completed its merger with HUGHES Telematics, Inc. NEW YORK, April 1 /PRNewswire-FirstCall/ -- Trivergance led Polaris Acquisition Corp. announced that late yesterday afternoon it received shareholder approval and completed its merger with HUGHES Telematics, Inc. In connection with the merger, Polaris was renamed HUGHES Telematics, Inc. In addition, the securities which historically traded on the NYSE Amex under the symbol TKP will trade under the symbol HTC. The other proposals included in Polaris' definitive proxy statement and put to a vote at the special meeting were also approved. Holders of approximately 70.1% of Polaris' shares issued in its initial public offering approved the merger, and holders of 29.9% of Polaris' shares issued in its initial public offering voted against the merger and elected to convert their shares for a pro-rata portion of Polaris' trust funds. In addition, as contemplated by the amended merger agreement between the parties, approximately $72 million was spent by Polaris and HUGHES Telematics in share purchases from then Polaris shareholders. This transaction was completed in a very uncertain financial and SPAC market, where only two other SPACs have been successful so far in 2009, with 11 SPACs failing to complete business combinations and being forced to liquidate their trusts. "We worked closely with HUGHES management and ownership, and together we completed a very difficult and complicated transaction. We just simply would not accept that this merger would not happen," said Marc Byron the Chairman and CEO of Polaris and a senior Partner at Trivergance. Byron resigned as the CEO of the company in connection with the Merger completion, but remains as a director of the newly named Hughes Telematics, Inc. "HUGHES Telematics is a company with tremendous upside potential for shareholders in our view, and I am glad to see this merger completed and look forward to working with HUGHES to effectuate great things in the months and years to come." # # # November 11, 2008 Trivergance led Polaris Acquisition Corp. announces Polaris Acquisition Corp., amends merger agreement with Hughes Telematics Inc. ("Hughes Telematics"), now valued at approximately $385 Million. New York, NY – November 11, 2008 - Polaris Acquisition Corp., ("Polaris") (AMEX: TKP) a Special Purpose Acquisition Company, announced today that it has entered into an amended and restated merger agreement relating to its previously announced merger with Hughes Telematics Inc. ("Hughes Telematics"), a growing telematics company. The all-stock transaction is now valued at approximately $385 million. Polaris believes that the revised terms of the transaction provide its shareholders with an even more attractive opportunity to participate in a rapidly growing technology-enabled information and services company that is poised for strong recurring revenues and earnings. More # # # July 15, 2008 Trivergance announces a new fund, Trivergance Capital Partners, LP
Trivergance has established Trivergance Capital Partners, LP a $300 million dollar private equity pledge fund focused on providing flexible capital to middle market companies. “This new fund will allow us to more actively and directly invest in companies we find great potential in, and at the same time provide a vehicle through which we can lend our expertise and operational backgrounds to more companies – companies that can leverage that knowledge to enhance enterprise value over time,” said Marc Byron, Partner at Trivergance. More # # # June 16, 2008 Trivergance led Polaris Acquisition Corp. announces a merger with Hughes Telematics in an all-stock deal valued at approximately $700 Million
Hughes Telematics, Inc., a leader in the high growth telematics industry, and Polaris Acquisition Corp., a Special Purpose Acquisition Corporation ("Polaris") (AMEX: TKP.U) founded by the partners of Trivergance, LLC, have signed a definitive merger agreement in an all-stock transaction valued at approximately $700 million. The transaction provides Polaris investors with a unique opportunity to participate in a rapidly growing technology and services company that is poised for strong recurring revenues and earnings. More # # # January 14, 2008 For immediate release Trivergance PRINCIPALS ESTABLISH $150M SPECIAL PURPOSE ACQUISITION COMPANY ON AMERICAN STOCK EXCHANGE
NEW YORK, Jan. 14
/PRNewswire/ -- The American Stock Exchange(R) (Amex(R))
today lists the units of Polaris Acquisition Corp. under the ticker
symbol TKP.U. The offering size is 15,000,000 units at $10.00 per
unit for gross proceeds of $150,000,000 (excluding the underwriters'
over-allotment option). One unit equals one share of common stock
and one warrant. Initially, the units will be the only security
trading. Lazard Capital Markets is the lead manager on this initial
public offering with Ladenburg Thalmann & Co. Inc. and ThinkEquity
Partners, LLC as co-managers.
More # # # March 12, 2007 For immediate release Trivergance plays strategic role in $750 million Sunterra Deal
LAS VEGAS -- Diamond Resorts, LLC today announced that it has entered
into a definitive agreement under which an affiliate of Diamond
Resorts will acquire Sunterra Corporation (Other OTC: SNRR) for
$16.00 per share in cash, a 35% premium over the closing price of
Sunterra's common stock on March 8, 2007, the day before rumors of
the acquisition entered the marketplace. The total value of the
transaction is approximately $700 million, including $375 million of
existing Sunterra debt...More |
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