Thursday, December 22, 2016

Atairos Takes $440M Stake In TriNet From General Atlantic

Investor Atairos Group said this morning that it is taking a $440M stake in San Leandro-based TriNet, which provides human resources support to the startup, small, and midsize business market, from current shreholder General Atlantic. According to Atairos, it will pay $25.00 per share for approximately 17.7 million shares, which it is purchasing directly from General Atlantic. As part of the transaction, Atairos CEO Michael Angelakis will join TriNet's board of directors. The purchase will boost the ownership in TriNet by Atairos from 2 percent to 28 percent of the company. Atairos was advised by J.P. Morgan Securities LLC and Simpson Thacher & Bartlett LLP in the deal; General Atlantic's counsel in the effort was Paul, Weiss, Rifkind, Wharton & Garrison LLP; and TriNet's was Davis Polk & Wardwell LLP.