Paducah-based Computer Services Incorporated announced Monday that they have been acquired by a pair of private investment firms.
The deal, valued at about $1.6 billion, is expected to close in the fourth quarter of 2022. In an all-cash deal, Centerbridge Partners, L.P. and Bridgeport Partners will pay $58 a share for CSI. Centerbridge, like CSI, is in the financial services sector.
The board of directors of CSI agreed unanimously to the acquisition offer after Centerbridge and Bridgeport completed their review of the company.
CSI began in Paducah in 1965 with six employees and 3 customers. Today, CSI employs more than 1,100 and counts nearly 2,600 customers in more than 30 countries.
Steve Powless, CSI’s Chairman of the Board said, “After a thorough strategic review, the CSI board of directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders. Upon completion of the transaction, CSI intends to continue operating under the leadership of CEO David Culbertson and the CSI leadership team, with its headquarters expected to remain in Paducah.”
CSI founder and Chairman Emeritus John A. Williams is supportive of the deal, adding, “Having formed CSI nearly six decades ago, I am pleased to support this transaction as it will provide shareholders with immediate cash at a compelling value premium. In addition, I believe that our customers, employees, and communities can rest assured that—based on their history—current management, Centerbridge and Bridgeport will continue CSI’s legacy.”
(Photo: Wikipedia)
