5. Apollo Global Management Acquires West Corp

Head count: 10,700 employees

Annual sales: $2.29 billion

Enterprise Value: $5.1 billion

Date of announcement: May 9

Private equity behemoth Apollo Global Management agreed to purchase Omaha, Neb.-based telecom service provider West Corp, No. 24 on the CRN Solution Provider 500, in hopes of capitalizing on customer migration to cloud-based solutions.

"Over the past six months, we have evaluated a wide range of strategic and financial alternatives, including the sale or separation of assets; various balance sheet options; as well as continuing to operate under our current structure," Tom Barker, West Corp's chairman and CEO, said in a statement. "We believe strongly that the transaction we are announcing today is the best outcome."

The transaction is expected to close in the second half of the year, with shareholders owning some 45 percent of West's outstanding common stock already committed to voting in favor of the deal.