CDW completes $2.5B cash acquisition of Sirius Computer Solutions; new $3.02B unsecured facilities

CDW Corp

Acquired all equity of Granite Parent (indirect parent of Sirius) for $2.5B cash, closing Dec 1, 2021.
Entered $1.42B term loan and $1.6B revolving credit facility, both unsecured, maturing 2026, replacing prior secured facilities.
Deal expected to enhance services in Hybrid Infrastructure, Security, Digital/Data Innovation, Cloud & Managed Services.
Initial net leverage ratio ~3.3x; target to delever to 2.5x–3.0x by end of 2022.
Transaction expected to be accretive to gross margin, NGOI margin, and non-GAAP EPS.

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