One Equity Partners yesterday launched a takeover bid aimed at the delisting of Techedge, an IT services company listed on the Piazza Affari at the MTA. In the transaction, Mediobanca played the role of financial advisor to the offeror. The Maviglia & Partners studio assisted the sellers Edoardo Narduzzi, Masada Ltd and Techies Consulting. One Equity Partner has been legally supported by Freshfields Bruckhaus Deringer (see press release here).
The tender offer price, equal to 5.40 euros per share, represents a 7.5% premium compared to the closing of the Techedge stock on the market last Friday and relates to 81.2% of the share capital. The takeover takes place in agreement with one of the founders of Techedge, Edoardo Narduzzi, owner of 1.4%, with the shareholder Masada Ltd owner of 17.4% and with Techies Consulting of José Pablo de Pedro Rodriguez, owner of the 11.1%. The latter has undertaken to bring the securities in acceptance of the offer, while the other two partners, based on the agreements, will sell their stake in One Equity Partner outside the public tender offer.
Techedge meanwhile closed yesterday’s stock exchange session at 5.40 euros per share, equal to the takeover bid price and up 8.22% from Friday 24 July’s closing price, for a market capitalization of about 139 million euros.
The company, active since 2004, has over 2,000 employees in 13 countries. Techedge made major investments during 2019 which led to the acquisition of 75% of Sturnis365, a company that offers an extremely innovative solution for collaborative disclosure management and the creation of the startup ESGeo, which provides advanced digital advice and solutions to facilitate the environmental, social and corporate governance (ESG) reporting process.
Techedge closed 2019 with revenues of over 206 million (+ 11.1%), an ebitda of 23.5 million (see the press release here).