UK - Francisco Partners to acquire Cybit for £23m

The 75 pence per share cash offer represents a premium of approximately 108.3% on the closing price of 36 pence per share on 9 December, the last day prior to the commencement of the offer period.

Huntingdon-based Cybit is a provider of telematics services for enterprises requiring strategic management information relating to land and sea based mobile assets. The company is structured in three major divisions: vehicle telematics, private mobile radio and maritime. Its clients include KwikFit Mobile, Greene King and Homeserve Plc.

Cybit has completed six acquisitions over the last five years. For the year ending 31 March 2009, the company had revenues of £25.5m and an operating profit of £3.9m.

Francisco is expected to help Cybit grow its European telematics platform through both organic growth and continued acquisitions. There is to be no change to the company's existing management.

The offer has been recommended to the board. Investec is advising Francisco, while Cenkos is acting as the financial adviser for Cybit.

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