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Platinum Equity acquires International Textile Group
26
Oct '16
International Textile Group (ITG) has been acquired by Platinum Equity through a completed merger with an affiliate of the latter. In the merger transaction, a newly formed Platinum Equity affiliate merged with as well as into ITG, with ITG continuing as the surviving corporation as well as a privately-held Platinum Equity portfolio company.

ITG's common stock has ceased to be publicly traded. Former ITG stockholders will receive information from Continental Stock Transfer & Trust Company, the paying agent in the merger, on how to receive the cash consideration for their shares of ITG common stock, in the near future.

Kenneth T. Kunberger, president and CEO of ITG will continue in his role under the new ownership. 

“This is an exciting time for ITG. We believe Platinum Equity and ITG's goals and strategies are well aligned and provide a strong foundation on which to further leverage ITG's performance innovations and brand heritage across our global markets. We look forward to many opportunities ahead,” said Kunberger.

In order to complete the merger transaction, Platinum Equity acquired all of the debt and equity securities of the company previously owned by entities managed by WL Ross & Co. LLC and its affiliates. 

The merger transaction and related agreements were signed following the approval of ITG's board of directors, based upon the recommendation of an independent special committee, along with its independent legal and financial advisors, who negotiated the terms and conditions thereof. (KD)

Fibre2Fashion News Desk – India


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