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Hyve Group PLC - London-based events organiser - Providence Equity Partners LLC has brought in Searchlight Capital Partners UK LLP as a bid partner for its agreed takeover offer for Hyve. Providence said funds managed or advised by Searchlight will buy a 40% stake in Heron UK Bidco Ltd, the acquisition vehicle for the Hyve deal that is currently fully owned by funds advised by Providence. The companies didn’t say how much Searchlight is paying; however, Heron UK Bidco is paying £320 million for Hyve. The deal agreed earlier in March gives Hyve an enterprise value, including its debt, of £481 million. The offer, agreed by the Hyve, is for 108 pence per share in cash. There have been no changes to the acquisition terms, and Hyve expects to publish a scheme document by April 12. Current stock price: 112.80p, up 0.5% in London on Friday 12-month change: up 58% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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