Epiq To Be Acquired By Omers Private Equity, Harvest Partners In $1 Billion Deal

By Ciara LinnaneMarketsMarketWatch Pulse

Eqiq Systems , a legal technology provider, said Wednesday it has agreed to be acquired by OMERS Private Equity and funds managed by Harvest Partners LP in a deal valued at about $1 billion. The buyers will pay $16.50 per Epiq share, equal to a 42% premium over its closing price Feb. 19, the last trading day before a media report speculating about potential bids for the company, it said in a statement. The deal is expected to close in the fourth quarter, at which time Epiq will be combined with DTI, a legal process outsourcing company owned by OMERS. Epiq shares were halted in premarket trade, but are up 10% in the year so far, while the S&P 500 has gained 6%.

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