|
Blancco Technology Group PLC on Wednesday said it has accepted a cash takeover offer that values the data erasure firm at £175 million. White Bidco Ltd, a vehicle of funds managed by US private equity firm Francisco Partners, offered 223 pence in cash per Blancco share, a 25% premium to the stock’s last close of 179.00p. Blancco was up 23% at 219.51p early Wednesday in London. The stock had been down over the past year prior to the offer. It now is up 13% over the past 12 months. Bishop’s Stortford, England-based Blancco provides secure data erasure. Founded in 1997, the company sells its data erasure software to enterprises, IT disposal vendors, and the mobile phone industry. Francisco Partners has offices in San Francisco, New York and London and specialises in investment in technology companies. ‘Sustainability and e-waste reduction are increasing strategic priorities for customers of all sizes globally, and we see tremendous organic and inorganic growth opportunities for Blancco worldwide,’ said Ravi Bhatt of Francisco Partners. Blancco said it has indications of support for the takeover offer from owners of 46.6% of its shares, including from Soros Fund Management and Inclusive Capital Partners LP and Blancco’s own directors. Blancco said its board believes the offer presents an opportunity for shareholders to realise the value of their shares in cash. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
