Prides Capital Buys Pegasus
MAY 5, 2006. Pegasus Solutions has announced the completion of the acquisition of Pegasus by an investor group led by Prides Capital Partners, LLC, including entities affiliated with Prides, Tudor Investment Corporation and Belfer Management.
Dallas-based Pegasus is a global leader in providing technology and services to hotels and travel distributors. On December 19, 2005, affiliates of Prides Capital Partners, LLC entered into a merger agreement with Pegasus to acquire the company in a transaction valued at approximately $275 million.
Under the terms of the merger agreement, Pegasus stockholders not affiliated with the investment group will receive $9.50 in cash, without interest, for each share of Pegasus common stock.
"We're excited to complete this acquisition and move forward with the Pegasus team," said Kevin Richardson, a managing partner at Prides Capital. "Pegasus has a strong core franchise, leading edge technology and a management team that is focused on meeting customers' evolving needs, which we believe will be key factors as the company continues to expand its market position."
Commenting on the closing, John F. Davis III, president, chief executive officer and chairman of Pegasus Solutions, said: "I am pleased with the successful outcome of this transaction and welcome our expanded relationship with Prides Capital. Pegasus will continue to focus on developing products and delivering technology and business process solutions that help hotels and travel distributors come together to maximize revenue and profitability."
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