Atairos to acquire ownership stake in TriNet from General Atlantic
Atairos Group and TriNet Group announced that Atairos will acquire an approximate $440M ownership stake in TriNet by purchasing approximately 17.7M shares of TriNet common stock for $25.00 per share from funds affiliated with General Atlantic, a leading global growth investor. This represents the entire remaining stake held by General Atlantic, which first invested in TriNet over 11 years ago. The investment represents an approximately 26% ownership position in TriNet, bringing Atairos' total ownership position to approximately 28%. No new shares will be issued by TriNet and TriNet will not receive any proceeds in connection with this transaction. In connection with the investment, Atairos has entered into a stockholder agreement with TriNet, pursuant to which, among other things, Michael Angelakis, Chairman and CEO of Atairos, will join TriNet's board, increasing the total number of TriNet Directors to ten. The transaction is expected to be completed in the first quarter of 2017, subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. David Hodgson, Managing Director of General Atlantic, will continue to serve on TriNet's board.