Glantus: Another listed tech firm set to go private as KKR-Accel vehicle completes raid
London-listed software outfit Glantus is set to go private after receiving a £17.8m offer from the KKR-Accel-backed Basware.
The boards of directors of both companies have reached an agreement on the deal, which values Glantus at around £17.8m and implies a total enterprise value of £29.5m.
Under the proposed deal, Glantus shareholders will receive £0.3342 per share, almost 200 per cent more than the value the shares had on 4 July 2023.
Shares skyrocketed over 50 per cent on Monday morning.
Glantus’ share price also spiked last month after it confirmed talks with KKR-Accel via its investee company, Basware.
The acquisition will be carried out through a legal framework called a ‘scheme of arrangement’ and it is dependent on approval from Glantus shareholders, the High Court and regulators.
Explaining the decision, chief executive of Glantus, Maurice Healy, said the firm has “faced an extraordinary challenging period since listing in 2021”.
In 2022 Glantus had to restructure the business and negotiate with its lender due to low levels of cash resources.
“Despite recent challenges, the business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where Glantus can benefit from the experience and capital of Basware as its partner,” Healy added.
Glantus’ board, advised by Shore Capital, considers the acquisition terms “fair and reasonable” and “unanimously recommends” shareholders vote in favour.
Jason Kurtz, chief executive of Basware said: “The acquisition of Glantus is a compelling opportunity and one that is consistent with Basware’s strategy of investing in AP automation applications that deliver value to our customers.
“We believe Glantus is an exceptional fit with our investment strategy in terms of size, focus and business model.”
The deal might be complete by the end of 2023, pending regulatory clearance.