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Apax Global Alpha Ltd on Monday said it has reached an agreement to be acquired by Janus Bidco Ltd in a deal valuing the fund at around £794.5 million. Apax Global Alpha is a closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP. Janus Bidco is a newly-formed company owned by an investment vehicle to be advised by Apax Partners. It is set to be funded through equity from funds and investors managed or advised by Ares Management LLC. Under the terms of the acquisition, Apax Global Alpha shareholders will receive €1.90, or £1.65, for each share, representing a 19% premium to the closing price of 138.6p on Friday last week. This values the fund at approximately €916.5 million, or around £794.5 million. Shares in the FTSE 250-listed fund closed up 18% at 162.80p on Monday in London, giving it a market capitalisation of £788.1 million. As an alternative to the cash offer, certain Apax Global Alpha holders will be able to receive shares in the new combined entity. However, Apax Global Alpha noted that shareholders must choose to exchange at least half of their shares into rollover shares in order to qualify for this offer. Participating shareholders will receive one rollover share for each Apax Global share, it added. Discussing the combination rationale, Apax believes Apax Global’s €1.1 billion private equity portfolio offers access to high quality and diverse companies, with the closed ended fund representing a ‘compelling long-term investment opportunity.’ Apax Global Alpha said Apax has been ‘impressed’ by the proactive management of its trading, coupled with actions to address its discount to net asset value, but with limited liquidity and an adverse macroeconomic backdrop affecting the fund, as well as the sector as a whole. It added that Apax sees greater success for Apax Global Alpha as a private vehicle, ‘which would maintain and increase exposure to AGA’s portfolio and strategy.’ The acquisition is anticipated to complete late in the third quarter of this year or early in the fourth, said Apax Global Alpha, with the court and general meetings regarding approval expected to be held in September. Apax Global Chair Karl Sternberg said: ‘The proposal from Apax for the acquisition of all of AGA’s share capital - a full cash offer at a substantial premium to share price, with the option to retain exposure to the existing AGA portfolio in a private fund via a rollover solution, represents the most beneficial outcome for our shareholders. ‘This offer presents a full liquidity solution for AGA Shareholders, simplicity, minimal execution risk and competitive pricing relative to other options available which the AGA Board firmly believes is the best outcome for shareholders.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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