Private equity firm KKR will take UK’s IQGeo Group private in a 316 million pounds ($396.04 million) deal, the companies said on Tuesday, sending shares in the geospatial software provider soaring 16%.
Geologist Bidco Limited, wholly owned by funds advised by KKR, will pay 480 pence in cash for each IQGeo share. The offer price represents a premium of 19% to the stock’s last close.
Shares in IQGeo hit a record high of 474 pence after the announcement, last trading at 470 pence as of 1043 GMT. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The deal will help KKR to tap into the geospatial software market, which provides critical software and services to telecoms and utility firms ranging from network design to operation.
“The proposed acquisition will provide IQGeo with the ownership structure and investment required to unlock its full potential,” Paul Taylor, chair of IQGeo, said in a statement.
IQGeo, which provides software solutions to telecommunication, fibre and utility firms, will recommend the deal to its shareholders, the company said.
Paramount Global was heading for a rocky start to trading today CNBC reported overnight that Sony…
A growing number of private equity giants are considering new ways of exiting their portfolio…
A consortium including Blackstone Singapore state fund GIC and Abu Dhabi Investment Authority…
The full article is available here. This article was published at Private Equity Insights.
Comments are closed for this article!