20th Nov 2013 08:22
LONDON (Alliance News) - HgCapital Trust PLC Wednesday said a company wholly owned by funds managed by HGCapital acquired 91.85% of German payroll HR software provider P&I Personal & Informatik AG from asset manager The Carlyle Group.
The trust said it would invest approximately GBP23 million in the acquisition.
HgCapital Trust said it will participate in the proposed acquisition of P&I, alongside other institutional clients of HgCapital's HgCapital 7 fund.
Kallisto Neunzigste Vermögensverwaltungs-GmbH, a company established in Germany and wholly owned by funds managed by HgCapital, the manager of HgCapital Trust, acquired the shares and intends to make a tender offer for the remainder of the shares in issue.
HgCapital Trust said it expects the acquisition to reduce its liquid resources to an estimated GBP110.4 million, representing 25.6% of net asset value on October 31. The transaction will reduce its outstanding commitments to participate in investments, all of which are managed by HgCapital, to an estimated GBP292.4 million.
The acquisition is subject to German and Austrian competition clearance, HgCapital said.
In early trading Wednesday, HgCapital was quoted at 1,100.00 pence per share, up 0.6%.
By Samuel Agini; [email protected]; @samuelagini
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