Paul Hastings Advises Oakley Capital on $6.8 Billion Merger with Cegid Group
London – Paul Hastings LLP, a leading global law firm, advised Oakley Capital in connection with the sale of Iberian business software provider, Grupo Primavera, to Cegid and its subsequent reinvestment in the combined business, alongside Cegid’s investors. Once the deal is closed, which is expected in the third quarter of 2022, it will create a combined business with an enterprise value of $6.88 billion.
The merger marks the beginning of a partnership which will strengthen Cegid’s presence in Iberia, while allowing Grupo Primavera to continue bringing new products and innovation to their existing customer base in Spain, Portugal and Africa. Together, Grupo Primavera and Cegid will have pro forma revenue in the Iberia region of more than €150 million this year.
Grupo Primavera CEO, Santiago Solanas, will remain with the combined business and report directly to Pascal Houillon, Cegid’s CEO. Cegid's majority stakeholder, Silver Lake Technology Management LLP, will remain the majority shareholder when the deal closes, whilst Oakley Capital will become a minority shareholder alongside KKR and AltaOne.
The Paul Hastings team included London-based Private Equity partners Anu Balasubramanian and Jamie Holdoway, Finance partner Richard Kitchen, Litigation partner Pierre Kirch, Tax partner Arun Birla and associates Raphaella Gabrasadig, Catherine Kennedy, Alon Blitz, Andrew Lowndes and Abigail Hung.
Uria Menendez also advised Oakley Capital, while Simpson Thatcher and A&O represented Cegid. K&L Gates advised the Grupo Primavera management team.
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