Sanne Group has reached agreement with Apex Group on a takeover valued at £1.51bn for its entire issued, and to be issued, ordinary share capital.
Under the terms of the acquisition, each Sanne shareholder would be entitled to receive 920 pence in cash per share – a premium of around 53% to the closing price of 640 pence per Sanne share on 13 May, the last business day before the start of the offer period.
Sanne's directors said they "consider the terms of the acquisition to be fair and reasonable" and intend to recommend that shareholders vote in favour of the scheme.
The company expects the transaction to become effective in the first half of 2022.
Sanne Chairman Rupert Robson commented: "Sanne has delivered substantial value creation to its shareholders since its IPO and today's acquisition ensures our investors are compensated for the future potential of the business, at what we believe is a compelling 28.8 x EV/EBITDA and 40.7 x P/E for 2020."
Apex Group CEO Peter Hughes (pictured) said: "We are confident that a combination of our businesses to create one of the largest global service providers to the alternative assets space will facilitate greater success for both companies while representing attractive value for Sanne's shareholders."