Apax to lead GFI Informatique takeover

Apax and Altamir Amboise control Itefin Participations, a holding that itself owns 30% of Paris-listed GFI. Itefin will act in concert with Boussard & Gavaudan Asset Management, which owns 27.9% of GFI, for the takeover. Natixis will act as sole sponsor bank.

Itefin and Boussard & Gavaudan will file a mandatory public tender offer for all of GFI's outstanding shares and bonds. The duo will offer €3.75 per share, €5.10 per OCEANE and €0.35 per BSAAR. The offer would value the business at around €204m, a 23.4% premium over the closing price on 7 June 2013. The investors do not intend to delist GFI should the offer be successful.

Apax acquired its stake in GFI in 2007 through a €56m capital increase, done via newco Itefin Participations.

Founded in 1995, GFI Informatique is an IT services business providing four strategic offerings: consulting, systems integration, outsourcing and software solutions. The group employs 10,000 staff and reported a €750m turnover in 2012.

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