Devoteam co-founders launch takeover bid backed by KKR
Owners of Euronext Paris-listed firm look to tighten control over digital transformation partner
The co-founders of French digital transformation giant Devoteam have launched a takeover bid to seize tighter control over the company.
Co-CEOs and founders of Devoteam, Godefroy de Bentzmann and Stanislas de Bentzmann, have launched a tender offer of the firm's publicly owned shares.
The offer values the business at €98 a-share, representing a 29.5 per cent premium over the volume weighted average share price over the last thirty trading days, and a 24.8 per cent premium over its last closing price before the takeover bid.
The co-founders currently own 21 per cent of the shares in Devoteam, with around 61.3 per cent as free float shares.
The bid will only be successful if Godefroy and Stanislas Benzmann manage to buy up at least 50.1 per cent of the business as well as 50.1 per cent of the voting rights.
The co-founders will make the takeover bid on behalf of a newly established a company called NewCo, an entity which is being backed by KKR as a financial partner.
The tender offer will be filed by the end of Q3 this year, claims Devoteam, and is expected to be completed during the fourth quarter.
"Our business requires new means and heavy investments to create engaging experiences, stay relevant and value added. While innovation is crucial, it doesn't necessarily put our business ahead, but just on par. The move we are making will connect our company to the challenges of tomorrow." said Stanislas de Bentzmann.
"We believe that our ‘Tech for People' strategy and investments will create the conditions of a unique European player to resonate with today's market expectations." added Godefroy de Bentzmann.
"We have a strong track record supporting entrepreneurs and we are excited to back Godefroy and Stanislas in their strategic vision for the company. We will bring our financial resources and deep tech expertise to support the founders' ambition to build a unique European player in the digital services market" said Jean-Pierre Saad, partner and head of KKR Tech in Europe and Jérôme Nommé, partner and head of KKR in France.
Devoteam grew its revenues by 8.9 per cent in Q1 to €207m, but warned that its business operations would be "severely disrupted" in Q2 due to the coronavirus.
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