(Alliance News) - Apax Global Alpha Ltd on Wednesday announced its limited partner Apax X Fund has entered an agreement to acquire a majority stake in Italian IT services, software and technology company Lutech SpA.
The Guernsey-based private equity and derived investments-focused firm said it plans to invest EUR8.5 million into Lutech on a look-through basis, with this figure stated before taking into account any closing adjustments.
Apax X said it "identified an opportunity to back a solid player in the Italian IT services market at an attractive entry valuation".
"The Apax Funds, in partnership with Lutech's management team, will look to drive the company forward through a combination of organic and inorganic growth, focusing on expanding key value drivers such as the company's digital services offering while at the same time accelerating Lutech's merger and acquisition strategy," said Apax Global Alpha.
Shares in Apax Global Alpha were down 0.2% at 212.11 pence in London on Wednesday.
By Zoe Wickens; firstname.lastname@example.org
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