(Alliance News) - HgCapital Trust PLC on Monday said manager Hg has agreed the sale of legal tech solutions firm STP to Bregal Unternehmerkapital.
STP provides solutions in Germany, Austria and Switzerland and is headquartered in Karlsruhe, Germany. Terms of the sale were not disclosed, with the deal subject to customary anti-trust approvals and set to close later in 2020.
HGCapital Trust said the deal values its investment in STP at around GBP15.1 million, which would represent a GBP5.6 million uplift over its GBP9.5 million carrying value in the trust's August 31 net asset value.
This GBP15.1 million relates only to HGCapital Trust's share of Hg's overall STP investment.
Based on the August 31 NAV, the trust's pro-forma NAV is expected to be GBP1.16 billion or 284 pence per share.
HGCapital Trust's liquid resources available for deployment, including all announced transactions and an interim dividend, are estimated at GBP133 million - 11% of August 31 pro-forma NAV.
HGCapital Trust noted that it has access to a GBP220 million undrawn standby lending facility.
Shares in HgCapital Trust were up 0.7% at 299.00 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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HgCapital Trust plc (HGT)