Vertiv Holdings Co., a Columbus-headquartered provider of critical digital infrastructure and continuity solutions, has completed its business combination with GS Acquisition Holdings Corp. GS Acquisition Holdings Corp. has been renamed Vertiv Holdings Co. and will trade on the New York Stock Exchange.
The combination was approved by GS Acquisition Holdings shareholders on Feb. 6, 2020, and the transaction was previously announced in December. GS Acquisition Holdings Corp is a special purpose acquisition company co-sponsored by an affiliate of The Goldman Sachs Group Inc. and David M. Cote. Vertiv was called Emerson Network Power until Platinum Equity acquired it in 2016.
Cote, CEO of GSAH and former executive chairman of the board and CEO of Honeywell, will serve as executive chairman of Vertiv. Vertiv’s existing management team will continue to be led by 30-year industry veteran CEO Rob Johnson.
Vertiv, which delivers hardware, software, analytics and ongoing services to its customers, generated $4.3 billion in revenue in 2018 with its portfolio of power, thermal and IT infrastructure solutions and services that extend from the cloud to the edge of the network.
Upon closing, Platinum Equity held approximately 38 percent of the outstanding common stock of Vertiv Holdings Co., the former GS Acquisition Holdings Corp stockholders held approximately 25 percent of the outstanding shares, and investors in the private placement held the remaining 37 percent.
Goldman Sachs & Co. LLC acted as lead placement agent and exclusive financial adviser to GS Acquisition Holdings Corp. J.P. Morgan Securities LLC and Deutsche Bank Securities acted as capital markets advisers to GS Acquisition Holdings Corp. J.P. Morgan Securities LLC acted as financial adviser to Vertiv. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to GS Acquisition Holdings Corp. Morgan, Lewis & Bockius LLP and Gibson, Dunn & Crutcher LLP acted as joint legal advisers to Platinum Equity and Vertiv.
