Groupe GorgT SA (ENXTPA:GOE) entered into non-binding indicative offer to acquire iXBlue SAS on December 23, 2021. Groupe GorgT SA entered into an exclusive negotiation to acquire iXBlue SAS for Ç410 million on March 10, 2022. Groupe GorgT SA shall pay the price with a valuation of Ç410 million, i.e. more than 15 times EBITDA estimated at Ç27 million in 2021. The new entity, valued at nearly Ç800 million, would be controlled by Groupe GorgT and the management, up to two-thirds of the capital (for 80% of the voting rights). ICG, which should provide a unitranche of approximately Ç200 million, would also take a minority stake. The financing also includes a syndicated loan of Ç185 million. A revolving line of credit of Ç50 million completes the deal, as well as an unconfirmed line of the same amount for external growth. The closing of the transaction is still subject to a final foreign administrative approval which should be obtained without difficulty. The transaction is expected to close in July of 2022. As of July 27, 2022 the transaction is expected to close by the end of the third quarter 2022. As of September 19, 2022, the last foreign administrative approval has been obtained and the closing of the transaction is expected to take place at the end of September. Corporate Finance International acted as financial advisor to iXblue. Ernst & Young Transaction Services France acted as financial advisor to Groupe GorgT SA in the transaction.
Groupe GorgT SA (ENXTPA:GOE) completed the acquisition of iXBlue SAS on September 29, 2022. Under the terms, An in fine financing of Ç230 million provided by the investment fund ICG (Intermediate Capital Group), of which one third in the form of bonds and two thirds in the form of preferred shares. Ç24 million contributed by HervT Arditty, iXblue's founding shareholder. Maxence Bloch, Adrien Paturau and Charles-Henri de Gouvion Saint Cyr of Goodwin Procter (France) LLP acted as legal advisor to Groupe GorgT. CrTdit Agricole Corporate and Investment Bank SociTtT Anonyme acted as financial advisor to iXBlue SAS. Hogan Lovells advises banks on the financing of the acquisition of IXblue by the ECA group. Michel Degryck, Fabien Kay and Christopher Martin of Capitalmind Corporate Finance Advisory acted as financial advisor to Groupe GorgT SA. Godet Gaillard Solle Maraux & AssociTs and Stance Avocats acted as legal advisors to iXBlue SAS.