I Squared and TDR secure 70.65% stake in Applus via tender offer
10/06/2024 14:52
June 10 (Reuters) - I Squared Capital Advisors and TDR
Capital secured a 70.65% stake in Spanish industrial testing
company Applus APPS.MC in a tender offer launched in April,
the local stock market regulator said in a filing on Monday.
The two buyout funds had offered to pay existing
shareholders 12.78 euros ($13.73) per share for up to 100% of
the stock. The offer valued the company at 1.65 billion euros.
For almost a year, I Squared and TDR fought and eventually
won a bidding war for Applus against rival fund Apollo.
($1 = 0.9310 euros)
(Reporting by Tiago Brandao; editing by Inti Landauro and Jason
Neely)
((Tiago.Brandao@thomsonreuters.com;))