Deals
HIG Plans Spinoff of Prison Phone Operator After Failed Merger
- Proposed ICS management buyout follows scrapped Securus deal
- HIG’s portfolio company TKC will provide $280 million of debt
Photographer: David Paul Morris/Bloomberg
This article is for subscribers only.
HIG Capital is taking another stab at disposing of Inmate Calling Solutions after regulators stopped its attempt to sell the prison phone operator to one of its main rivals last year.
TKC Holdings Inc., the provider of food and commissary services through which HIG owns ICS, is seeking approval from creditors to spin off the business as part of a management buyout, Moody’s Investors Service and S&P Global Ratings said in notes published on Friday.