Steria Group SA (ENXTPA:SOP) shares rose after the company said it plans to sell most of its banking-software operations to Axway Software SA (ENXTPA:AXW) and to reduce its stake in Axway. At 09:48 GMT on February 22, 2024, shares rose 10% to EUR 233.40, while Axway shares were down 11% at EUR 26.40. The French consulting and digital-services company said late February 21, 2024 that it plans to sell most of its banking-software operations to Axway for an enterprise value of EUR 330 million ($357 million), including debt.

Sopra Steria also intends to sell part of its shares in Axway to Sopra GMT (Sopra GMT SA)--Axway's controlling shareholder and a major shareholder in Sopra Steria--for EUR 95.9 million. Sopra Steria said it would sell 3.6 million Axway shares at EUR 26.5 each, out of a total holding of 6.9 million shares. Axway said it plans a capital increase in connection to the acquisition of the banking-software assets, in which Sopra GMT would subscribe to 53% of the newly issued shares with the support of private-equity company One Equity Partners (OEP Capital Advisors, L.P.).