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- Partial sale of Visma among highlights from HgCapital Trust’s interims
HgCapital Trust (HGT), which provides exposure to Hg, Europe’s largest investor in software & service businesses, has this morning reported interim results to 30 June 2020, with NAV and share price total returns coming in at (7.3%). The portfolio ended the period valued at a multiple of 20.6x EV/EBITDA.
Over £250m was returned to HGT (net of carried interest), through the full exits of Evaluate, Citation and Sovos in addition to the partial sale of Visma, all at strong uplifts to book value. The partial sale of Visma was the world’s largest-ever software buyout (we covered this here), valuing the company at US$12.2bn, and represented an uplift of 22% over the Dec-19 book value. HGT note that Sovos was exited at an increase of 55% over the Dec-19 book value and the sale of Citation Group was at an increase of 26% over the Dec-19 book value.
We have summarised some of the key points provided by HGT’s manager, HGT:
HGT: Partial sale of Visma among highlights from HgCapital Trust’s interims
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