Marlowe PLC (AIM:MRL) shares jumped more than 30% as the software firm announced the £430 million sale of some of its assets to Inflexion Private Equity.
Proceeds represented 121% of Marlowe's market capitalisation with the money earmarked to pay off debt and return cash to shareholders.
“The valuation achieved demonstrates the substantial potential within our business and will reset our capital structure, giving Marlowe strategic agility,” chairman Kevin Quinn said.
Chief executive Alex Dacre will resign and transfer with the assets, which include certain governance, risk and compliance software and services that accounted for 20% and 40% of Marlowe’s revenues and adjusted pre-tax earnings respectively.
Shares climbed 31.9% to 560.50p.