PE Deals

Thoma Bravo to take EQS private for €400m

EQS is a German cloud provider in the fields of corporate compliance, investor relations and ESG.

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  • Munich-based EQS’ management and supervisory board are fully supporting the offer
  • The transaction is expected to close in January or February 2024
  • Thoma Bravo is a software investor with over $131bn in assets as of 30 June

Thoma Bravo has signed an investment agreement with EQS, a German corporate communications and compliance provider, for €400 million ($435 million).

Thoma Bravo has offered €40 per EQS share, representing a premium of 53 percent to the closing price on 15 November 2023, as well as a premium of 61 percent to the three-month volume-weighted average share price.

Munich-based EQS’ management and supervisory board are fully supporting the offer.

Thoma Bravo’s investment will provide EQS with additional funding for future growth initiatives and capital for potential add-on acquisitions, according to a release. This will also include investments in EQS’ strategy to address the complex investor relations and corporate compliance landscape which calls for automated and streamlined processes with one secured and integrated platform, the release said.

The firm will provide funding to EQS by means of subscribing a cash capital increase of 10 percent of EQS’ share capital at the offer price at completion of the offer.

“EQS is a unique German software enterprise at the forefront of three megatrends: digitisation, regulation and ESG, which have been driving its profitable growth,” said Irina Hemmers, partner at Thoma Bravo.

Thoma Bravo has already secured a stake of around 60 percent of the total EQS share capital by entering irrevocable tender undertakings with key shareholders of EQS, including Achim Weick, CEO of EQS. Weick will in addition re-invest some of this ownership in EQS alongside Thoma Bravo into the holding structure, the release added.

With headquarters in San Francisco and Chicago, tech-focused Thoma Bravo is marking its first investment in a German company.

The transaction is expected to close in January or February 2024.

Thoma Bravo has over $131 billion in assets under management as of 30 June.

ParkView Partners is acting as financial advisor and Kirkland & Ellis is acting as legal counsel to Thoma Bravo.