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Unquote
  • Exits

Permira-backed TeamViewer announces IPO

  • Oscar Geen
  • Oscar Geen
  • 28 August 2019
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Permira portfolio company TeamViewer, a business communication software company, has announced its intention to float on the Frankfurt Stock Exchange.

The company will only be offering existing shares and expects the offering to be completed by the end of 2019.

TeamViewer is projecting a 2019 cash EBITDA figure in the region of €177-183m from sales of €310-320m.

The GP had previously rejected speculative offers for the company in August 2017, after appointing Qatalyst Partners to assess unsolicited bids from private equity bidders including Vista Equity Partners, Hellman & Friedman, EQT Partners and Cinven.

The bids valued the company at 13-15x its projected €140m EBITDA, giving the company an enterprise value of €1.8-2.1bn, short of Permira's valuation of around €2.3bn, according to a source speaking to Unquote at the time. The source added that Permira would reconsider a sale in approximately two years.

Permira purchased TeamViewer for an enterprise value of €870m in 2013, drawing equity from its fifth fund. This valuation was around 8.5x its 2013 EBITDA, according to reports at the time.

Founded in 2005 and headquartered in Göppingen, TeamViewer is a remote collaboration platform that has been installed on two billion devices, with 340 million active in 2018 and 45 million online concurrently. It employs 800 people.

Goldman Sachs and Morgan Stanley are joint global coordinators and joint bookrunners. Bank of America Merrill Lynch and Barclays are joint bookrunners and RBC is co-lead manager. Lilja & Co is acting as independent adviser to TeamViewer.

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