StockMarketWire.com - HgCapital Trust's manager Hg said it had received a definitive binding offer from Itiviti, a company backed by Nordic Capital, to acquire Ullink.

It said the proposed sale was subject to French workers' council consultations, and customary approvals, such as regulatory clearances.

The terms of the transaction were not disclosed.

HgCapital Trust said it would realise estimated cash proceeds of approximately £24.3m on completion of this transaction.

This would represent an uplift of £5.2m (27%) or 14p per share over the carrying value of £19.1m in the net asset value at the end of October which was based on the directors' valuation as at 30 Jun.

Ullink provides mission critical electronic trading and connectivity solutions to the financial community globally.

Based on its proprietary multi-asset trading technology and infrastructure, the company serves 2,000 clients in 40 countries and is acknowledged as a leader and innovator in the financial technology space.

Hg initially invested in Ullink in 2014 and has been working with the management of the company since 2014 to build a leading FIX based trading community through strong organic growth and the acquisitions of NYFIX and Metabit.

It said: 'This original investment in Ullink by the Hg Technology Team followed many years of experience in Hg's proven sector-focused approach of investing in leading global providers of vertical market application software.

'Ullink shares the core characteristics that Hg looks for: it provides an excellent platform for growth with a subscription revenue model across a diversified client base with a proven commitment to innovation.'

The realisation of Ullink would represent the second exit from the Hg 7 (2013) Fund, following the sale of P&I in November 2016, which together with a number of refinancings completed across the unrealised portfolio, has now delivered overall realised returns of 2.6x and a 36% gross IRR.

The Fund has now returned in cash 41% of the original investment made.



At 9:09am: [LON:HGT] HG Capital Trust PLC share price was +3.5p at 1730.5p



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