Completion of the buyout of Avanquest’s minority interests

1 Nov 2021
  • €99.9 million paid to minority interests, including a purchase price adjustment of €1.5 million linked to Avanquest’s level of cash during the completion of the transaction
  • Financing of the transaction:
    • €47.7 million in cash
    • €28.7 million through the issuance of 4,100,000 new shares (representing 9.79% of the pre-transaction capital) at a price of €7.00 per share as part of an in-kind contribution of shares
    • €23.6 million in the form of promissory notes
  • Simplification of the Group’s capital structure and reintegration of 100% of the Avanquest division’s net income
  • Appointment of Eric Gareau as CEO of Avanquest

 

Claranova today announced the completion of the buyout of all minority interests in Avanquest, its software publishing division, as announced on August 11, for a total consideration of €99.9 million, including a purchase price adjustment of €1.5 million based on Avanquest’s cash position. On this basis, the total value of the division’s shares amounted to €155.9 million.

 

I am particularly pleased to announce the completion of this transaction which will contribute to simplifying the Group’s capital structure in order to facilitate the market’s understanding of our business portfolio organization. As owner of 100% of the share capital of the entities comprising the Avanquest division, Claranova will reap the full benefits of the efforts made over the last two years in transitioning to a SaaS business model and the new prospects that are now available to the division. This transaction also offers an opportunity to officially announce the appointment of Eric Gareau as Avanquest’s CEO. After having worked alongside Eric for more than three years to reorganize and reposition the division, I am very confident about the future of our software publishing activities and look forward to this new chapter in Avanquest’s development, commented Pierre Cesarini, CEO of Claranova Group.