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LONDON - Apax (HN:IBC) Partners LLP has agreed to acquire Apax Global Alpha Limited (AGA) in a recommended cash deal valuing the investment company at approximately €916.5 million (£794.5 million), according to a press release statement issued Monday.
Under the terms of the acquisition, AGA shareholders will receive €1.90 (£1.65) in cash for each share, representing an 18.8% premium to AGA’s closing price on July 18, and a 36.5% premium to the three-month volume weighted average price. The offer represents a 17.1% discount to AGA’s preliminary unaudited Q2 2025 net asset value of €2.29 per share.
The acquisition will be implemented through a court-sanctioned scheme of arrangement by Janus Bidco Limited, a newly-formed Guernsey company indirectly owned by an investment vehicle advised by Apax Partners. Bidco will be equity funded by funds managed or advised by Ares Management (NYSE:ARES) LLC.
As an alternative to the cash offer, eligible shareholders may elect to participate in an unlisted share alternative for some or all of their shares, subject to a minimum rollover percentage of 50% and a maximum aggregate rollover of 40% of AGA’s issued share capital.
AGA’s board of directors, advised by Jefferies and Winterflood on the financial terms, unanimously recommends that shareholders vote in favor of the scheme. The board members who hold AGA shares have irrevocably undertaken to vote in favor of the transaction and to receive the cash offer for their shares.
Bidco has received irrevocable undertakings and letters of intent to vote in favor of the scheme from shareholders representing approximately 34.9% of AGA’s issued share capital.
The transaction is expected to complete in late third quarter or early fourth quarter of 2025, subject to shareholder and court approvals and other customary conditions.
AGA has been facing persistent challenges including a widening discount to net asset value, which reached 49% at its widest point in April 2025, alongside trading illiquidity and selling pressure from investors.
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