(Alliance News) - Apax Global Alpha Ltd on Wednesday said its partner Apax X Fund has signed an agreement to acquire a majority stake in Eating Recovery Center.
Eating Recovery Center is a Colorado, US-based eating disorder and mood treatment provider, while Apax Globa is a closed-ended investment company based in London that gives investors access to Apax funds, managed by Apax Partners LLP.
Apax Global expects to invest around EUR23 million in Eating Recovery Center, a figure it specified is related to Apax X's overall investment on a look-through basis.
The transaction is expected to close in Q4 2021, subject to customary closing conditions.
The partnership will focus on clinical treatment while expanding digital and physical access to treatment.
In 2019, Apax Global made a USD450 million commitment to Apax X, comprising USD225 million in the US dollar tranche and EUR199.8 million in the euro tranche.
The FTSE 250 investment fund revealed last month that Apax X has partnered with Warburg Pincus LLC to acquire T-Mobile Netherlands Holding BV for EUR5.1 billion in total.
Apax Global shares were down 1.5% at 216.73 pence in London on Wednesday morning, having initially rallied.
By Josie O'Brien; josieobrien@alliancenews.com
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