London-based Hyve Group has announced plans to be taken over by a consortium of two private equity companies.
Providence Equity Partners LLC, also UK-based, 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 have not revealled say how much Searchlight is paying; however, Heron UK Bidco is paying £320m for Hyve.
The deal agreed earlier in March gives Hyve a value of £481m. 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 12 April.
Source: www.exhibitionworld.co.uk
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