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StatPro to go private in takeover by Confluence Technologies

The all-cash offer values each StatPro share at 230p, a 55% premium on its Thursday close price

StatPro Group PLC - StatPro to go private in takeover by Confluence Technologies

StatPro Group PLC (LON:SOG) is to go private after accepting a takeover bid from US-based software firm Confluence Technologies valuing the firm at £161.1mln.

The AIM-listed provider of portfolio analysis tools said the all-cash offer of 230p per share, a 55% premium on its Thursday close price, had been approved by investors representing 65.2% of the company’s shares and is expected to complete in the fourth quarter of this year.

WATCH: StatPro Group 'very well placed' for further growth as underlying profits increase

Rory Curran, StatPro’s chairman, said the tie-up with Confluence would offer a “more comprehensive range of support services and analytics” to its customers, adding that the US firm had indicated it would invest in the group with its “substantial resources”.

"Confluence is an excellent and complementary partner both in terms of geographical disposition and product capabilities”, he said.

Founded in 1991, Pittsburgh-based Confluence provides back-office automation systems to investment managers.

It is majority-owned by TA Associates, one of the world’s largest private equity firms.

In early trading on Friday, StatPro shares surged 53% to 227p, just shy of the takeover price.

--Adds total deal value and share price--


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