Silver Lake in €580m take-private bid for Cegid

The group will subsequently launch a mandatory tender offer in a bid to take a controlling stake in the company, which would value Cegid at around €580m.

Silver Lake and AltaOne have already agreed to acquire a further 5.9% in principle, though this is subject to the consortium successfully obtaining in excess of 50% of Cegid's total share capital or voting rights.

Founded in 1983, Cegid provides enterprise management software and cloud services to a client base of around 135,000. The prospective new owners intend to undertake an international expansion plan for the business, as well as increasing its focus on retail-related products.

The company's board of directors has stated it is supportive of the transaction.

Chairperson Jean-Michel Aulas has agreed to reinvest proceeds from the sale of his shares in the group, should a take-private be successful. Aulas and CEO Patrick Bertrand would remain in their roles on completion of the deal.

Silver Lake held a final close for its fourth vehicle on $10.3bn in April 2013 – at the time it was thought to be the largest amount ever raised for a tech-focused private equity fund.

The Cegid transaction is subject to regulatory approval and is expected to complete in H2 2016.

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