Hansen Technologies set to be BGH Capital’s latest acquisition for $1.3bn
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BGH Capital has made another takeover bid and this time it’s a $1.3 billion play for software company Hansen Technologies (ASX:HSN),
Hansen Technologies, which began back in 1971 and provides IT services to utilities industries, revealed the offer to shareholders this morning and intends to accept the offer.
The offer is at a 25 per cent premium to Friday’s closing price although it may be reduced by the value of any dividends paid between now and the deal closing.
And as is usual with ASX small cap takeovers, it is subject to not receiving any superior offers and remaining shareholders backing the bid.
Hansen Technologies rose over 20 per cent this morning making it one of the bourse’s biggest winners.
The company had been eyeing off $306-$316 million in revenue for FY21 and $500 million by FY25.
The move by BGH Capital is far from the only one it has made in recent times.
The most high profile of late was its bid for Virgin Australia made in conjunction with Australian Super.
While it ultimately lost out to US private equity group Bain Capital, it was noteworthy for proposing more drastic cuts to Virgin’s fleet (initially) than other bidders.
Successful bids include university pathways course provider Navitas in 2019, Village Roadshow (ASX:VRL) in December last year and New Zealand dental practice Abano Healthcare.
Another notable transaction was the 70 medical practices of small cap medtech Healius (ASX:HLS) for about $500 million.
BGH is headed by former TPG Capital executives Simon Harle and Ben Gray as well as former Macquarie Capital executive (and current AFL Commissioner) Robin Bishop.