Ardian's Assystem Technologies to take SQS private for £283.1m

The offer of 825 pence per share constitutes a 56.4% premium on the share price as of 14 December and a 53% premium on the weighted average closing share price for the six months preceding 14 December.

The bidder's holding company, Weilchensee 884, must receive acceptance of its offer from 75% of shareholders for the offer to become unconditional.

As of 15 December it had received irrevocable undertakings of 21.9% of shares and non-binding letters of intent from 31.4% of shareholders.

Selling shareholders include Herald Investment Management, Marlborough Fund Managers, Octopus Investments, Brooks Macdonald Asset Management, Rock, Miton Asset Management, JO Hambro Capital Management and Schroder Investment Management.

SQS is a German-registered company, but its shares are traded on AIM. It is therefore not subject to either the UK City code on takeovers and mergers or the German takeover act, but has agreed to conduct itself as if the UK code applied.

Ardian carved Assystem Technologies out of Assystem, acquiring a 40% stake via Ardian LBO Fund V, in May 2017. At the time of acquisition it stated plans to expand its geographic and sectoral reach.

After the proposed integration of SQS, Assystem Technologies would have 14,000 employees and generate revenues of €1bn.

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• Topics
• DACH
• Technology
• Portfolio management
• Germany
• Take Private
• Ardian (formerly Axa PE)
• Build-up