AutoInfo has announced the completion of its merger with Comvest Investment Partners IV LP subsidiary AutoInfo Holdings. Comvest Investment Partners IV LP is one of the many funds managed by Comvest Partners.
AutoInfo operates two business segments, namely the non asset based transportation services and its agent support services.
AutoInfo Holdings LLC acquired AutoInfo Inc for US$1.05 per share under the signed Merger Agreeement. As a result of the merger, the AutoInfo common stock have ceased to be listed on the Nasdaq over the counter Bulletin Board.
The shareholders of AutoInfo approved the Merger Agreement as well as all the concommitant transactions contemplated in the agreement during a Special Meeting of the Shareholders held last April 25, 2013.
According to Harry Wachtel, the Company's Chairman of the Board, said, "We are very pleased to have consummated the merger with Comvest, and appreciate the strong support of our stockholders in approving the Merger Agreement and the merger. The merger will provide for greater stability, focus, and flexibility enabling AutoInfo to achieve its strategic goals and growth. I look forward to my affiliation with Comvest moving forward."
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