Partners Group to Acquire GlobalLogic Stake From Apax Partners
(Bloomberg) -- Partners Group Holding AG agreed to buy a stake in GlobalLogic Inc. from funds advised by private equity firm Apax Partners LLP in a deal that values the software development company at more than $2 billion.
Zug, Switzerland-based Partners will become an equal shareholder with existing investor Canada Pension Plan Investment Board, Apax said in a statement Monday. CPPIB became a shareholder in April 2017 when Apax sold a 48 percent stake to the pension fund.
The company has doubled its revenue and earnings before interest, tax, depreciation and amortization since being acquired by Apax in 2013, according to the statement.
The sale represents a return of more than five-times the private equity firm’s initial investment, said a person with knowledge of the situation, who asked not to be identified as the information is not public.
With 12,000 employees globally, GlobalLogic creates digital products including mobile and web applications for customers.
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