Apax Partners and NB Reinassance private equity funds stroke a very important step yesterday toward success of their tender offer on Engineering Ingegneria Informatica‘s shares listed on the Milan Stock Exchange. Actually the two funds announced that their investment veichle Mic Bidco had signed an agreement to buy the whole 29.185% stake of Engineering capital owned by OEP Italy High Tech Due srl (see here the press release).
OEP Italy High Tech Due srl is 100% controlled by OEP Secondary which in turn is controlled by Lexington Partners, AlpInvest and Blackstone after One Equity Partners (a spin off of private equity activities from JP Morgan) had sold them OEP Secondary in August 2014.
The closing of the deal, which is going to happen at the tender offer price of 66 euros per share, is expected by next June 22nd, that is before the tender offer end date of June 24th. The closing is subject to the condition precedent of the release by Mr. Tommaso Amodeo and Mrs. Costanza Amodeo, in their capacity as creditors of OEP secured by a pledge over the OEP participation.
Mic Bidco announced last April 22nd that it had reached a 44.3% stake in Engineering capital (see here a previous post by BeBeez). Thanks to this last deal, Mic Bidco will reach a 73.5% stake in the company.