Groupe Gorgé SA (ENXTPA:GOE) entered into non-binding indicative offer to acquire iXBlue SAS on December 23, 2021. Groupe Gorgé SA entered into an exclusive negotiation to acquire iXBlue SAS for €410 million on March 10, 2022. Groupe Gorgé SA shall pay the price with a valuation of €410 million, i.e. more than 15 times EBITDA estimated at €27 million in 2021.

The new entity, valued at nearly €800 million, would be controlled by Groupe Gorgé and the management, up to two-thirds of the capital (for 80% of the voting rights). ICG, which should provide a unitranche of approximately €200 million, would also take a minority stake. The financing also includes a syndicated loan of €185 million.

A revolving line of credit of €50 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 Gorgé SA in the transaction.