7th Feb 2020 08:35
(Alliance News) - HgCapital Trust PLC on Friday said its investment manager, Hg, has agreed to acquire stake in smartTrade Technologies, a French electronics company.
smartTrade stake will be acquired from Keensight Capital and Pleiade Venture, the investment company said, with Chief Executive & Co-Founder David Vincent and the smartTrade management team remaining invested in the business alongside Hg.
"Now, with Hg's support, alongside the smartTrade team, I am committed to further developing a great service for our customers, as they look to modernise their own systems," said Vincent.
The proposed investment is subject to French workers' council consultations and customary clearances. The terms of the transaction are not disclosed.
HgCapital Trust said it will invest GBP17.5 million in smartTrade, with other institutional clients of Hg investing alongside the company through the Hg Mercury 2 Fund.
HgCapital Trust said it will release its 2019 on March 9. The stock was trading 0.5% lower in London on Friday at 268.67 pence a share.
By Evelina Grecenko; [email protected]
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