Funds advised by BC Partners agreed to buy North American IT solutions provider Presidio Inc. in an all-cash deal worth about $2.1 billion, including net debt.

The purchase price of $16.00 per common share represents a 21.3% premium to Presidio's closing stock price of $13.19 on Aug. 13.

AP VIII Aegis Holdings LP, which holds about 42% of Presidio's outstanding common stock, agreed to vote its shares in favor of the transaction. The entity is an affiliate of funds managed by Apollo Global Management LLC affiliates.

The deal contains a go-shop provision whereby Presidio may actively solicit alternative acquisition offers for a period of 40 days. The company has the right to terminate the deal in favor of a superior proposal, subject to the agreement's terms and conditions.

Presidio's board unanimously approved the deal and recommends that shareholders vote in favor of the transaction, slated to close in the fourth quarter. Presidio will cease trading on the Nasdaq stock market upon deal closing.

Citi, JPMorgan Chase Bank NA and RBC Capital Markets will provide debt financing for the transaction. LionTree Advisors is the financial adviser to Presidio, while Wachtell Lipton Rosen & Katz is its legal adviser. Citi, J.P. Morgan Securities LLC and RBC Capital Markets are financial advisers to BC Partners, while Kirkland & Ellis LLP is its legal counsel.