Permira places €704m TeamViewer shares block

TigerLuxOne, the holdco controlled by Permira, has now entered a 90-day lock-up period.

Permira has retained a stake of approximately 51.5% in TeamViewer. The block of shares sold amounts to 11% of the company's share capital.

Goldman Sachs and Morgan Stanley acted as global coordinators. Bank of America and Barclays were joint bookrunners.

Mergermarket reported that top-20 investors took up around 80% of the shares following wall-crossing ahead of the launch.

A source familiar with the situation told Unquote that the sale followed demands for liquidity after several spikes in TeamViewer's share price.

The source added that connections to the company from China have doubled in recent weeks during the coronavirus outbreak, although the business itself has little dependence on China generally, meaning that it has a strong position.

Permira announced the IPO of TeamViewer in August 2019, as reported by Unquote, with shares priced at €26.25 on the Frankfurt Stock Exchange in September 2019, amounting to an offer volume of €2.21bn. The GP continued to hold 58% of its shares. The company's market capitalisation was €5.25bn.

Permira bought TeamViewer from Insight-Partners backed GFI Software in May 2014. Permira deployed equity from Permira V, which held a final close in June 2014 on €5.3bn. The fund was 98% deployed as of December 2019, according to Unquote Data.

Permira partially realised its stake in Permira V's other software-based portfolio company, Personal & Informatik, in December 2019 to co-investor Hg Capital, which took a minority stake following the deal. The deal valued the company at €2bn.

Permira's latest vehicle, Permira VII, closed on its hard-cap of €11bn in January 2019, as reported.

Permira was not available for comment at the time of publication.

Company
TeamViewer is a software platform that connects devices for remote working. The company claims that 2 billion devices are connected via its software, and that 400,000 people download the software per day.

The company is based in Göppingen and was founded in 2005. According to its latest financial report, TeamViewer reported revenues to Q3 2019 of €102m, compared with €73m in the same period in 2018. It reported cash EBITDA of €46m to Q3 2019, compared with €24m to Q3 2018, equivalent to margins of 56% and 46% respectively. It employs 800 staff.

People
TeamViewer – Oliver Steil (CEO).
Permira – Jörg Rockenhäuser (head of DACH).

Advisers
Vendor – Freshfields (legal); Bank of America, Morgan Stanley (bookrunners).

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