Acquisition by Silver Lake: a decent exit
On Friday evening, Software AG announced it had agreed to be acquired by Silver Lake for EUR30 per share, valuing the company's equity at EUR2.2bn or est. EV/sales and EV/EBIT multiples for 2023e of 2.8x and 15.5x, respectively. The offer price represents a premium of 53% to the closing price on 20Software is a holdinc company. Co. is engaged as a provider of process and integration software. Co.'s operates through three reporting lines: business process management or Business Process Excellence (BPE), data management or Enterprise Transaction Systems (ETS) and Consulting. The BPE segment consists of software products for integrated solutions in the field of Business Process Management for organizations of all industries and sizes. The ETS segment is engaged in providing database solutions for mainframes and the development of mainframe-based IT systems. The Consulting segment includes all consulting and services pertaining to the BPE, ETS and IDS Scheer Consulting business lines.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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