SPIE SA (ENXTPA:SPIE) signed a definitive agreement to acquire approximately 92% stake in ICG Group from H.I.G. Europe Realty Partners on March 11, 2024. The acquisition will be financed with the existing financial resources of SPIE while maintaining its sound financial policy regarding leverage ratio. ICG Group generated a revenue of ?230 million in 2023.

The transaction multiple is 9.1x EBITA 2023 and 7.5x EBITA 2024E. The remaining 8% shareholding in in ICG Group will be retained by the current management team who will remain in place and will contribute to pursue the business development. The agreement includes put and call mechanisms related to the 8%.

The transaction is subject to clearance by antitrust authorities. The transaction should result in a mid-single digit EPS accretion for the Group as soon as the first year of consolidation. SPIE expects to close the transaction in Q2 2024.

Vanessa Rendtorff, Jan Balssen,Maximilian Imre, Katja Lehr, Doris-Maria Schuster, Hendrik Marchal, Matthias Werner, Manuel Klar, Iris Benedikt-Buckenleib, Eike Bicker and Konrad HJ Discher of Gleiss Lutz acted as legal advisor for H.I.G. Michael Wahl, Florian Mühl, Ismail Kacmaz, Danka Ruzic, Matthias Hogh, Frank Wallbott, Jan Linnemann and Tamer Aydemir of Eight Advisory provided financial and tax due diligence services to SPIE. Ingo Strauss, Lucas Schweitzer, Tobias Klass, Stefan Süß, Max Hauser, Tobias Leder, Susan Kempe-Müller, Sven Nickel, Wolf-Tassilo Böhm and Joachim Grittmann of Latham & Watkins acted as ledal and due due diligence for SPIE.