Apax Global Alpha details take-private plans for Thoughtworks

Apax Global Alpha (AGA) updated the market on the planned take-private transaction of technology consultancy Thoughtworks on Monday.

The FTSE 250 firm said the transaction would see Apax XI and co-investors acquiring all outstanding shares of Thoughtworks, while Apax IX, alongside related co-investors, would retain its entire stake in the company.

AGA said its total look-through investment in Thoughtworks was valued at around €54m, split equally between Apax IX and Apax XI.

The valuations were based on the latest exchange rates and were stated before any adjustments, fees, costs, holdco facilities, and carried interest.

It said the transaction was expected to close in the fourth quarter of 2024, subject to customary closing conditions.

To date, AGA had received around €73m in proceeds from Apax IX's investment in Thoughtworks.

The board said the decision to take Thoughtworks private aligned with Apax's strategy of investing in businesses with long-term growth potential and implementing necessary operational enhancements more effectively under private ownership.

Further details on the transaction and its impact on AGA would be provided in the company’s first-half results, scheduled for release on 5 September.

At 1135 BST, shares in Apax Global Alpha were up 0.42% at 141.79p.

Reporting by Josh White for Sharecast.com.