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Is Gores Holdings II, Inc. (NASDAQ:GSHT) a good bet right now? We like to analyze hedge fund sentiment before doing days of in-depth research. We do so because hedge funds and other elite investors have numerous Ivy league graduates, expert network advisers, and supply chain tipsters working or consulting for them. There is not a […]
Gores Holdings II, Inc. (“Gores Holdings II”) (NASDAQ CM: GSHT, GSHTU, and GSHTW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC (“The Gores Group” or “Gores”), today announced that it completed the acquisition of Verra Mobility, the leading provider of tech-enabled smart transportation solutions. The transaction was unanimously approved by the Boards of Directors of both Gores Holdings II and the ultimate parent company of Verra Mobility, and was approved at a special meeting of Gores Holdings II’s stockholders on October 16, 2018.
Moody's Investors Service (Moody's) affirmed Verra Mobility Corporation's (Verra Mobility) Corporate Family Rating (CFR) of B2 and Probability of Default Rating (PDR) of B2-PD. Concurrently, Moody's downgraded the rating for the senior secured first lien term loan (to B2 from B1).
Verra Mobility (“Verra Mobility” or the “Company”), the leading provider of tech-enabled smart transportation solutions and a portfolio company of Platinum Equity, announced it has entered into a definitive agreement and plan of merger with Gores Holdings II, Inc. (“Gores Holdings II”) (NASDAQ CM: GSHT, GSHTU, and GSHTW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC (“The Gores Group” or “Gores”). Upon closing, this transaction will introduce Verra Mobility as a publicly listed company, with an anticipated initial enterprise value of approximately $2.4 billion or 11.0x the Company’s estimated 2018 pro forma Adjusted EBITDA of approximately $219 million.