PSAV withdraws $177 million IPO after announcing acquisition by Blackstone
PSAV, which is a leading provider of audiovisual equipment rental and support services for events, withdrew its plans for an initial public offering on Wednesday after it was announced that the company will be acquired by Blackstone. It originally filed in September 2015 with a proposed deal size of $177 million.
The Schiller Park, IL-based company was founded in 1962 and booked $1.5 billion in revenue for the 12 months ended June 30, 2016. It had planned to list on the NYSE under the symbol PSAV. Goldman Sachs, Morgan Stanley, Barclays and Credit Suisse were set to be the joint bookrunners on the deal.
The article PSAV withdraws $177 million IPO after announcing acquisition by Blackstone originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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