The U.S. buyout fund Bain Capital is final talks to complete a $2.27 billion deal to buy French IT services firm Inetum. The company provides IT consultancy, cloud computing, artificial intelligence, blockchain and infrastructure to more than 26 countries. Inetum had revenues nearing 2 billion Euros in 2020, and was previously backed by investment firms Apax France, Altamir, and Boussard & Gavaudan. The deal will put Inetum back into private equity hands for the first time since its sale to Qatar’s group Mannai Corp in 2016. The deal comes as Bain Capital is looking to build scale in Europe’s fragmented IT services industry. The group bought Italy’s Engineering Group in 2020 to begin this journey. Bain has valued the French-based company at 10-times its core earnings of roughly 200 million euros. In 2021, buyouts accounted for 20% of global M&A activity, setting an all-time record at $1.3 trillion.
Please click here to more of this article from Reuters, written by Pamela Barbaglia.
Source: Reuters – Pamela Barbaglia, January 19, 2022