Hg, the manager of HgCapital Trust has agreed to sell part of its investment in TeamSystem, a leading provider of business software solutions to businesses and accountants in Italy and Spain.
As part of the transaction, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and CapitalG, Alphabet’s independent growth fund, have entered into definitive agreements to acquire minority stakes in TeamSystem. Hg will remain as a minority investor in the business.
The terms of the transaction have not been disclosed. The transactions are expected to close in Q1 2024, subject to customary closing conditions and regulatory approvals where applicable.
This transaction values HGT’s investment in TeamSystem at approximately £33.3m. This would represent an uplift of £13.5m (68% or 2.9 pence per share) over the carrying value of £19.8m in the NAV of HGT at 31 March 2023.
Based on the 31 March 2023 reported NAV, the pro-forma NAV of the trust is expected to be £2.17bn (or 474.3p per share). HGT’s available liquid resources, which includes the undrawn bank facility of £350m for future deployment (including all announced transactions and the final dividend paid in May) are estimated to be £689m (32% of the pro-forma 31 March 2023 NAV).
HGT : Hg agrees partial sale of TeamSystem