Reuters: Private Equity: UPDATE 1-Comverge to be taken private in $49 mln deal

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UPDATE 1-Comverge to be taken private in $49 mln deal Mar 26th 2012, 13:49 Mon Mar 26, 2012 9:49am EDT March 26 (Reuters) - Energy management company Comverge Inc , which has been exploring strategic alternatives for over a year, said it will be taken private by H.I.G. Capital in a $49 million cash deal. The $1.75 per share offer price is a 7 percent discount to Comverge's Friday close of $1.88. Comverge has been seeking additional capital financing and has explored a variety of financing and strategic alternatives since the fall of 2010. The company -- which works with grid operators, utilities and large consumers to lower energy use during expensive peak hours -- said it can solicit alternative proposals from third parties during a go-shop period of 30 days. Affiliates of H.I.G. Capital will provide debt financing of $12 million to Comverge. The company said the financing was not contingent on the closing of the acquisition by H.I.G. Capital. Comverge shares, which have lost about 57 percent of their value in the last year, were trading down 3 percent at $1.82 in early morning trade on the Nasdaq.

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