Cegid, a company specializing in publishing cloud-based management software for professionals, announced on July 26 that it intends to acquire business management software platform Grupo Primavera. This acquisition ” A leading business software provider in the Iberian region “.
An acquisition valued at 6.8 billion euros
The Lyon-based software development company has entered into an exclusive negotiation phase with the Spanish group. The merger of the two companies is to be done through a transaction consisting exclusively of equity securities and is valued at 6.8 billion euros.
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said Pascal Huillon, president and CEO of Segit. Joining Grupo Primavera is a great opportunity for our companies and our customers. Like Cegid, Grupo Primavera offers effective and innovative cloud solutions to its partners and clients and has achieved impressive growth, particularly in Spain, Portugal and Africa. “.
Cegid is backed by Silver Lake, an American private equity firm focused on the technology sector, which is the majority shareholder. As for Grupo Primavera, the group was formed following a series of acquisitions by the London investment firm and its majority shareholder, Oakley Capital.
After the transaction closes, Silver Lake will be the major shareholder of the new company while Oakley Capital will “ Cegid will join KKR and AltaOne as minority shareholders “. as stated therein Financial Times, Silver Lake is expected to own two-thirds of the company. For Oakley, it will receive a stake of up to 500 million euros, or less than 10% of the shares of the new company, as other minority shareholders.
Cejid press release Explain That “ The arrival of Grupo Primavera firmly establishes Segid’s leading position in the Iberian Peninsula and opens up strong growth opportunities for Grupo Primavera, relying on Segid’s presence in Latin America. “. With this merger, the two companies hope to achieve a turnover of 150 million euros in Spain and Portugal by the end of the year.