Buyout barons' IPO castoffs trade may be repeated

Exclusive Networks SAS

16/07/2024 11:31

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Karen Kwok
       LONDON, July 16 (Reuters Breakingviews) - Clayton
Dubilier & Rice’s $2.6 bln offer for software firm Exclusive
Networks would see it scoop up a stock that has drifted since a
2021 listing. Majority-owner Permira would get a handy way to
cut exposure. A long list of struggling initial offerings mean
more deals may follow.
    
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    CONTEXT NEWS
    French cybersecurity firm Exclusive Networks on July 9 said
it has received a non-binding offer of 24 euros a share from a
group of investors led by Clayton Dubilier & Rice and Permira,
valuing the group’s equity at 2.2 billion euros. 
    Exclusive Networks was listed in 2021 by Permira. The
private equity firm still owns a 57% stake, according to LSEG
data, alongside Bpifrance.
    Exclusive Networks share  price was 23.15 euros on July 12. 

 (Editing by Neil Unmack and Streisand Neto)
 ((For previous columns by the author, Reuters customers can
click on  KWOK/ 
karen.kwok@thomsonreuters.com))