Hg completes take-private of Dada

The transaction follows Hg's initial acquisition of a 69.4% stake in Dada for €46.3m, at a price of 400 cents per share, made in October 2017 from the company's main shareholder, Luxembourg-based holding Libero Acquisition, owned by Orascom TMT Investments.

Following the deal, Dada's management team will stay on with the company and continue to develop the business in Italy and across Europe, both organically and through acquisitions.

Hg is deploying capital from its Mercury 2 Fund, a technology-focused vehicle that closed in February 2017 on its £575m hard-cap after launching in November 2016. Dada represents Hg's third investment in Italy over the last two years.

Company
Founded in 1995, Dada specialises in web hosting, domain-name registration, servers and cybersecurity for SMEs. Headquartered in Florence, the company also has a presence in the UK, Spain, Ireland, France, Portugal and the Netherlands. In the first nine moths of 2017, Dada generated an EBITDA of €9.8m from revenues of €50.9m, and recorded a net financial debt of €24.5m.

People
Dada – Claudio Corbetta (CEO); Lorenzo Lepri (general manager).
Hg Capital – Nick Jordan (partner); Enrico Grasso (director).

Advisers
Equity – Linklaters (legal); Banca IMI (corporate finance); Deloitte (financial due diligence).

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