Apax makes Exact offer

The offer gives Exact a market cap of around €730m, equivalent to 15x EBITDA for the year to June 2014. At the time of writing, the company had a market cap of €662.96m.

Apax's offer represents a premium of 27% to the price of Exact shares at market close on 10 July 2014, around the time that Exact announced it had been approached for a possible takeover.

Exact's other major shareholders, which together hold around 60% of the company, have agreed to the offer.

Apax intends to take the company private via the holding company Eiger Acquisition. The firm plans to finance the takeover through a combination of equity and debt. Apax has agreed to pay €381.6m in equity and has secured up to €374.3m in debt.

Company
Founded in 1984 and headquartered in Delft, Exact has been listed on the Euronext Amsterdam since 1999. The company provides on-premises, hosted and cloud-based business software for a wide range of industries.

Exact also provides support, training and consultancy services. The company generated €213m in revenues in 2013, as well as an EBITDA of €47.3m. It employs 1,600 staff across 15 countries.

People
Erik van der Meijden is the CEO of Exact. Roy Mackenzie and Jason Wright are partners in the tech and telco team at Apax.

Advisers
Equity – Leonardo & Co (Corporate finance); RBC Capital Markets (Corporate finance); Deutsche Bank (Corporate finance); ING Corporate Finance (Corporate finance); Clifford Chance (Legal).
Company – Rothschild (Corporate finance); Lazard (Corporate finance); Allen & Overy (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Benelux
• Technology
• Apax Partners
• Netherlands
• Take Private