Send Us Your Press Releases

Raise your profile by letting the world know exactly what you are up to right now: editorial@AltAssets.net
Private Equity Fund Directory
Subscribe to the free Private Equity and Venture Capital NewsletterJoin AltAssets group on LinkedIn

EQT wins Academedia auction EQT wins Academedia auction

04 Jun 2010. Source: AltAssets
EQT has won the bidding for Swedish education company Academedia. EQT beat out other private equity competitors, including Providence Equity Partners, for the company, which is Sweden’s largest education company.

EQT’s offer was accepted by 72.4 per cent of shareholders in the company, after it sweetened its offer from SEK190 (€19.80) to SEK205 (€21.40) per share in cash for 8.7 million shares, valuing the company at SEK2.5bn (€261.1m).

Providence’s bid ran into difficulties after Bure Equity, one of Academedia’s biggest shareholders, withdrew its support for the offer and requested the return of its shares. Providence had reportedly said that Bure had “irrevocably” accepted its offer, which may lead to EQT taking Academedia private with Providence or Bure retaining a minority stake.

Bure said, “Bure questions the validity of Bure's commitment to accept Providence’s offer for AcadeMedia, as a consequence of Providence’s actions.”

The dispute is reportedly over indignation among Swedish investors at Providence increasing its bid for the company, but keeping it below EQT’s sweetened offer.

EQT recently dropped out of the bidding for German generic drug-maker Ratiopharm, according to reports.

Copyright © 2010 AltAssets

Add your comment

There are currently no comments.
Leave Comment


or close