Apax France et al. sell down remaining stakes in GFI

Mannai currently owns 51% of the Euronext-listed IT company, and will increase its stake to 95% over the next two years.

It will first acquire an additional 29% stake this year at a price per share of 800 euro cents, with 12% coming jointly from Apax and Altamir and 17% coming from Boussard & Gavaudan.

In the second quarter of 2018 it will buy a further 15% at a price of 850 cents per share. It plans to keep GFI listed on the Euronext Paris market.

Previous funding
In January 2007, Itefin Participations, a company controlled by funds managed by Apax, invested €56m in GFI for a minority stake. Following the transaction, the private equity firm's stake in the company increased from 17% to 27.8%.

In July 2013, Apax along with private investors invested an estimated €204m in a PIPE deal.

In June last year, Mannai upped its stake in the company by an extra 10.4% at 850 cents per share, giving it a majority shareholding.

Company
GFI is an international IT services group mostly servicing firms in France and southern Europe. It provides customers with consulting, systems integration, outsourcing and software services. The company has around 14,000 employees and generated revenue of €1.015bn in 2016.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• France
• Technology
• Trade sale
• Apax Partners
• France