Investec, Goldman Sachs tow PEP into Citadel

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Buyout firm Pacific Equity Partners has secured a $500 million deal to buy ASX-listed software company The Citadel Group.

Citadel Group, run by Mark McConnell, has a $500 million bid from private equity.  Jeffrey Chan

It is understood Goldman Sachs is helping PEP fund the offer, while Clayton Utz and EY were also involved.

The bid was at $5.70 a share and made via Pacific Group Bidco, which is owned by PEP and set up specifically to buy Citadel.

The offer was a 43.2 per cent premium to Citadel’s last close and a 51.4 per cent premium to the three months VWAP, and valued ASX-listed Citadel at $503.1 million including debt.

It’s the second $500 million-plus acquisition for PEP in the past week, which is keen to put its new $2.5 billion buyout fund to work. The other was schools and childcare education resources supplier Modern Star’s Australian and New Zealand business.

The $5.70 a share bid is also a win for Citadel’s shareholders, which include small caps fund managers OC Funds, Lennox Capital Partners, Wilson Asset Management and Microequities Asset Management.

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Pacific Equity Partners has secured a $500 million deal to buy ASX-listed software company The Citadel Group. 

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Source: https://www.afr.com/street-talk/investec-goldman-sachs-tow-pep-into-citadel-20200914-p55vdo

Pacific Equity Partners, Citadel Group, Private equity

Actu monde – AU – Investec, Goldman Sachs tow PEP into Citadel