8th Dec 2015 10:52
(Correcting that Hg Capital has agreed to sell its stake in TeamSystem Holding SpA and not Hg Capital Trust.)
LONDON (Alliance News) - Hg Capital Trust PLC Monday said its investment manager has agreed to sell the majority of its stake in TeamSystem Holding SpA to Hellman & Friedman LLC, but said HG Capital will retain a minority stake in the company.
Hg Capital is the investment manager of London-listed Hg Capital Trust, which participates in the private equity firms investments alongside other investors.
No financial details of the deal were revealed, including what size stake in TeamSystem held by HG Capital would be sold. The deal is expected to close in the first quarter of 2016, subject to gaining the required approvals.
Hg Capital said the transaction would lead to an estimated value of its entire stake held in TeamSystem of around GBP44.9 million, which is almost a third higher than the GBP34.4 million net asset value of TeamSystem at the end of November, it said.
Once the deal is completed, Hg Capital is expecting its pro-forma net asset value to rise to GBP490.6 million, equating to around 1,314.3 pence per share.
TeamSystem, founded in 1979, is a leading provider of software applications to professionals and enterprises in Italy across different segments, offering a broad range of business-critical, on-premise and on-cloud solutions to a diversified base of over 200,000 customers.
Hg Capital Director Jean-Baptiste Brian said: "We have had a very successful partnership with TeamSystem and are proud of what the company has achieved since we first entered into that relationship. At the same time, we believe that there are numerous further growth opportunities ahead and would be excited to contribute to the next leg of that journey."
HG Capital Trust shares were down 0.3% to 1,092.00p per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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