HgCapital Trust PLC - London-based investment firm - Notes that Hg has agreed to sell itm8, which supplies IT services for businesses in Europe, to Nordic private equity fund Axcel.
HgCapital Trust notes that the deal values its own investments in itm8 an GBP33.4 million, reflecting a GBP4.2 million uplift over the carrying of GBP29.2 million in HgCapital's net asset value at the end of March 31.
"We wish the itm8 team well after what has been a truly effective and enjoyable partnership. For many years we had seen a clear opportunity to develop a high quality, single scale provider which could deliver a wide set of services to SMEs in the cloud. Henrik and his team had built an exceptional business to do this and there was a clear opportunity scale. It's been hugely satisfying to achieve this, and we are delighted that the business will continue to thrive with a new strategic partner," said HG Partner Nick Jordan.
Current stock price: 395.00 pence
12-month change: up 17%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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HgCapital Trust plc (HGT)