Apax Partners has agreed to acquire London-listed Apax Global Alpha (AGA) in a deal valued at approximately €916.5m ($1.07bn), marking a significant take-private transaction that consolidates the private equity firm’s exposure to its long-standing listed investment vehicle, according to a report by Reuters.
The offer, made via Janus Bidco, a newly created entity controlled by Apax Partners, values AGA at €1.90 per share (approximately £1.65), representing a 19% premium to AGA’s closing share price last Friday. Shares surged as much as 18% in early trading following the announcement.
AGA, headquartered in Guernsey, primarily invests in Apax Funds, with a portfolio of equity and debt positions across 11 funds. Its current holdings span sectors including technology, services, and consumer internet, underpinned by Apax’s thematic investment strategy.
As part of the deal financing, equity will be provided by Ares Funds, which has committed to subscribe to New Fund A2 Shares to support the cash payment to AGA shareholders.
In a statement, Apax said AGA offers investors access to a curated portfolio of high-quality private equity-backed businesses and that the transaction reflects its confidence in the long-term value of AGA’s holdings. The firm also noted that bringing AGA fully in-house will align its strategic direction with Apax’s broader platform.
Pending shareholder and regulatory approvals, the transaction is expected to close later this year.
