Qatars Mannai Corporation has acquired 25 per cent of shares in French IT company GFI Informatique for 142m ($162m), from US/UK-based private equity fund Apax France (jointly with Frances Altamir) and Boussard & Gavaudan.
Mannai plans to acquire a 51 per cent stake in the company
Some shares will be acquired on the French stock exchange for the same price of 8.50 a share, subject to regulatory approval.
Mannai will offer 4.66 for unlisted redeemable share warrants.
The Qatari conglomerate will then acquire any further shares needed to reach a 51 per cent stake from Apax France, Altamir and Boussard & Gavaudan. They will retain a stake in GFI Informatique.
This values the companys shares at around 566m. Mannais investment will be over 289m.
GFI had revenues of 804m in 2015, and net profit of 22m. The acquisition will speed up its planned expansion in Europe, the Middle East and Africa.
Mannai Corporations financial advisor is Frances Crédit Agricole Corporate and Investment Bank and Clifford Chance is its legal advisor.
The legal advisors of Apax Partners and Boussard & Gavaudan are local Dethomas Peltier Juvigny & Associes, US-based White & Case and Dentons.
GFIs advisors are local Edmond de Rothschild Corporate Finance and local Cohen Amir-Aslani.