TPG’s Asia-focused private equity arm has agreed to acquire Australian automotive software firm Infomedia in a deal valuing the company at AUD651m ($421m), according to a report by Reuters.
Under the terms of the proposed transaction, Infomedia shareholders will receive AUD1.72 per share, representing a 31% premium to the company’s closing price on Tuesday. The offer implies an enterprise value of AUD579m
Infomedia shares rose nearly 28% in early trading on Wednesday, hitting their highest level since September 2023.
The Sydney-based company provides SaaS solutions to the global automotive aftersales market, with clients including BMW, Audi, and Cadillac. The bid follows a 2022 approach from US-based suitors at a similar valuation level.
The board of Infomedia has recommended the deal, which remains subject to FIRB approval and a shareholder vote expected by mid-November.
As part of the agreement, Infomedia may distribute a fully-franked dividend of up to 2.0 cents per share for FY2025, along with a special dividend of up to 2.9 cents per share.
TPG Asia Co-Head Joel Thickins said the firm sees Infomedia as a strategic fit within its global software portfolio, which includes holdings such as Wind River and McAfee, collectively valued at $24bn.
