Axcel merges EG and Silkeborg Data

The deal saw EG acquire all of Silkeborg Data's shares through an issue of new shares in EG, resulting in no cash paid to either Axcel or Silkeborg Data's management, though the original equity investment in the latter will be maintained in the new structure.

Axcel expects the acquisition to be fully completed in November 2015, subject to the refinancing of Silkeborg Data's debt. The GP told unquote" an arranger had not yet been selected to lead the refinancing.

Silkeborg Data's board will receive a cash payment for their 1.1% stake in the company upon their resignation following the merger.

Both companies are held in Axcel's 2010-vintage DKK 3.6bn Axcel IV vehicle. Axcel acquired EG in June 2013 and Silkeborg Data in January 2014.

Company
Founded in 1971 as part of Danish bank Jyske Bank, Silkeborg Data is a Danish payroll and HR company. It provides IT products to public and private companies, as well as local and regional government.

Headquartered in Silkeborg, the company employs a workforce of 200.

People
Axcel partner Christian Bamberger Bro led the deal for the GP.

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