Benzinga | Nov 13, 2020 05:33AM EST

Vertiv Holdings Prices 18M Share Secondary Offering by Platinum Equity Advisors, LLC; Price Not Mentioned in PR

Vertiv Holdings Co ("Vertiv") (NYSE:VRT) today announced the pricing of the previously announced underwritten secondary public offering (the "Offering") of 18 million shares of Vertiv's Class A common stock by VPE Holdings, LLC ("Platinum"), the selling stockholder and an affiliate of certain private equity investment funds advised by Platinum Equity Advisors, LLC (the "Selling Stockholder"), pursuant to a registration statement filed with the Securities and Exchange Commission (SEC).

The underwriters propose to offer the shares of common stock from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices, subject to their right to reject any order in whole or in part. Subject to customary closing conditions, the Offering is expected to settle and close on or about November 17, 2020.

Following the completion of the Offering, the Selling Stockholder will remain Vertiv's largest stockholder, owning at least 77 million shares of Class A common stock, representing an economic interest of approximately 24% in Vertiv. Vertiv is not selling any shares of Class A common stock in the Offering and will not receive any proceeds from the Offering.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers of, and as the underwriters for, the Offering.