Nb Renaissance and Apax VIII private equity funds, trough their controlled newco MIC Bidco, acquired for a 66 euro per share price a total of 5,537,928 ordinary shares of Engineering Ingegneria Informatica spa representative of a 44.3% stake in the Milan-listed software house and It services company capital, a press release said on April 22nd evening (see here the press release). The announcement was thenfollowed by another press release stating that the two funds are going to launch a compulsary tender offer on the remaining shares at the same price through the newco Midco (see here the press release).
The 44.3% stake in Engineering’s capital has been acquired in two transactions. The first one had been announced last February (see here a previous post by BeBeez) and meant the acquisition of 4,506,773 shares representative of a 36.05% stake from major shareholders and the top managers for a total consideration of 297,447,018 euros.
The second transactions meant the acquisition of 1,031,155 shares repersentative of a 8.25% stake in the company capital from funds managed by Bestinver Gestion, a Spanish asset manager, for a total consideration of 68,056,230 euros.
MIC Bidco will then launch the tender offer on the remaining 6,962,072 shares representative of a 55.7% stake in Engineering’s capital for a total maximum price (if all the shares are tendered) of 459,496,752 euros. If all the shares are tendered, cofounder Michele Cinaglia and the top manager will reinvest in the company and Mr. Cinaglia will retain a 12.2% stake.
Last Friday April 22nd Engineering’s stok at the Milan Stock Exchange was up 0.23% to 65.55 euros per share which means an 818 million euros market cap
.Financial advisor to the deal and global coordinator is Banca Imi (Intesa Sanpaolo Group), while legal advisors are Gatti Pavesi Bianchi (for NB Reinassance), Clifford Chance (Apax) and Accinni Cartolano e Associati (actual shareholders and managers).