Andalusian private equity firms to merge

According to the regional minister of economy, innovation and science, Antonio Avila, Invercaria will merge with Andalusia's three other government-backed private equity bodies over the next two months.

The merger, which was agreed by council heads in Malaga, Jaen and Almeria last December, will see Iniciativas Económicas de Almería and Inversiones e Iniciativas Málaga absorbed into Jaen-based investor Inverjáen. Invercaria will then carry out a capital increase in order to acquire Inverjáen, combining the four companies into a single entity.

Invercaria will hold a 75% stake in the newly-fused fund manager, leaving 11% to the Malaga-, Jaen- and Almeria-based funds, 4% to Jaen's council, 0.6% to Malaga Council and 0.9% to Almeria Council. Minority shareholders will appropriate the rest of the equity.

Plans for the merger were prompted by regional government's desire to respond more effectively to the needs of local businesses, particularly seed projects and start-ups.

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