TPG’s Asia-focused private equity platform has agreed to acquire ASX-listed automotive software provider Infomedia in a deal valuing the company’s equity at AUD651m (circa $421m), according to a report by Reuters.
Under the terms of the agreement, Infomedia shareholders will receive AUD1.72 per share in cash – a premium of over 30% to the firm’s last closing price. The offer implies an enterprise value of AUD579m. Infomedia’s board has unanimously recommended the bid.
The deal marks a return to the table for suitors after previous interest in 2022, with the current offer closely aligned to earlier proposed valuations.
Headquartered in Sydney, Infomedia provides SaaS-based parts, service, and data analytics solutions to the global automotive aftermarket. Its client base includes OEMs such as BMW, Audi, and Cadillac.
Joel Thickins, Co-Head of TPG Asia, said the acquisition adds to the firm’s $24bn global software portfolio, which includes Wind River and McAfee.
Infomedia is permitted to pay a fully-franked final dividend of up to AUD0.02 per share for FY2025, plus a special dividend of up to AUD0.029 per share, ahead of the transaction’s expected close.
Completion remains subject to shareholder approval and clearance from Australia’s Foreign Investment Review Board (FIRB), with a vote anticipated by mid-November.
