UK-based asset finance software company Alfa Financial Software has received a takeover bid of £614.4m from Swedish global investment organisation EQT.
Under the proposal, EQT will offer 208p per share in cash to shareholders of the publicly-listed Alfa Financial Software.
Established in 1990 as CHP Consulting, the company specialises in system implementations, asset finance software solutions, automotive finance software solutions, leasing software solutions, consultancy services, business change, equipment finance software solutions and technology.
The company was rebranded from CHP Consulting to Alfa Financial Software in 2016 and in the following year, it was listed on the London Stock Exchange.
EQT has signed an irrevocable undertaking with CHP Software and Consulting, which is controlled by Alfa Financial Software’s chairman and founder Andrew Page.
CHP Software and Consulting holds nearly 176 million ordinary shares in the capital of Alfa Financial Software. This represents around 59.5% of the issued ordinary share capital of the software company.
As per the undertaking, CHP Software and Consulting will vote in favour of all resolutions to approve any scheme regarding the proposal once a firm offer is made by EQT.
Besides, it will also vote against any competing proposal as long as the undertaking is binding.
Alfa Financial Software stated: “Discussions between the parties remain ongoing. There can be no certainty that any offer will be made for the Company by EQT.”
Earlier this month, Alfa Financial Software’s board confirmed press speculations that it has received a number of unsolicited and non-binding proposals from EQT.
Headquartered in Stockholm, EQT is claimed to have €119bn in assets under management within two business segments, namely Private Capital and Real Assets.
