Presidio Buyout Favors Private Equity Insiders, Suit Says

Presidio Inc., its board, and BC Partners Advisors were hit with a Delaware lawsuit challenging the information technology company’s proposed $2.1 billion buyout by a private equity group linked to its leadership.

The $16.60-a-share deal is allegedly the result of “half-hearted negotiations” between BCP and Apollo Global Management Inc., which acquired Presidio in 2015, took it public in 2017, and now plans to shed its remaining stake.

There’s overlap among the top executives at Presidio, BCP, and Apollo, so BCP would have had advance knowledge of the terms Apollo was willing to accept, according to the heavily redacted Chancery Court ...