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. Â 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.Â
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Pacific Equity Partners, Citadel Group, Private equity
Actu monde – AU – Investec, Goldman Sachs tow PEP into Citadel