NB, Apax buy further 8.3% stake in Engineering Ingegneria Informatica

NB and Apax, the latter through its Apax VIII fund, bought a combined additional 8.3% of shares in the Italian listed company Engineering for €68m from existing shareholder Bestinver. The purchase saw the shares valued at €66 apiece.

Following the transaction, the investors increased their stake in the company up to 44.3%. The purchase will trigger a mandatory public offer for the remaining 55.7% of publicly traded shares in Engineering, as per the rules of the Italian stock exchange.

According to press reports, the takeover bid will feature the same €66 share price as Apax and NB's aforementioned share buy.

Previous investment
The transaction follows the acquisition of a 36% stake by NB and Apax in February 2016.

Company
Founded in 1980 and based in Padua, Engineering provides software and IT services, including business integration, outsourcing and consulting.

The business employs 7,800 people across Italy, Belgium, Serbia, Norway, South America and the US. In 2014, the company generated a turnover of €853m.

People
NB Renaissance – Fabio Cané, Stefano Bontempelli (partners).
Apax Partners – Giancarlo Aliberti, Gabriele Ciparrone (partners).
Engineering Ingegneria Informatica – Michele Cinaglia (founder, chair); Paolo Pandozy (CEO); Armando Iorio (CFO).

Advisers
Equity – Banca Imi (financial due diligence); Bain & Company (commercial due diligence); Gianni Origoni Grippo Cappelli & Partner (tax); PwC (tax).
Equity (NB) – Gatti Pavesi Bianchi Studio Legale Associato (Legal).
Equity (Apax) – Clifford Chance (Legal).
Company – Accini Cartolano e Associati (Legal); Legalitax (Tax).

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