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Siris affiliates to buy TPx Communications

Affiliates of private equity firm Siris Capital Group LLC entered into a definitive agreement to buy TPx Communications, which provides unified communications and cloud-focused managed information technology services, from investors including affiliates of Investcorp and Clarity Partners.

Financial terms of the transaction, which is subject to regulatory approvals and customary closing conditions, were not disclosed. The deal is expected to close in the first or second quarter of 2020, the company said Aug. 19.

Earlier this year, TPx agreed to merge with special purpose acquisition company Pensare Acquisition Corp. in a deal reflecting an enterprise value of about $1.1 billion. The deal did not proceed, and the companies agreed to terminate the merger in May.

Sidley Austin LLP is serving as corporate counsel, Kirkland & Ellis LLP is serving as financing counsel and PJT Partners is serving as lead financial adviser to Siris in connection with the transaction. Macquarie Capital is also serving as financial adviser to Siris. Evercore is serving as lead financial adviser to TPx. Q Advisors is also serving as financial and strategic adviser to TPx, and Gibson Dunn & Crutcher LLP is serving as TPx's legal counsel. Morgan Lewis and Bockius is serving as TPx's regulatory counsel.