Apax Partners has reached an agreement to purchase Exact Holding (Euronext: EXACT), a business software provider, for €730 million ($926 million). The offer price of €32 ($41) per share represents a 27% premium on the company’s stock as of the close of market July 10, the day before Apax’s interest was made public. The backing would enable Exact to accelerate expansion into cloud-based offerings.
Founded in 1984, Exact is set to have a shareholders’ meeting in January to discuss the deal; the company’s Board unanimously recommends accepting the offer, and founding/major shareholders representing roughly 60% of Exact’s outstanding shares have committed their support. The transaction could be completed in February. Exact closed at €31.47 ($40) on Thursday, up 15.8%.