Kin and Carta to be taken private by Apax in £203m deal, shares surge

Digital transformation consultancy Kin and Carta surged on Wednesday after it agreed to be taken over by private equity firm Apax Partners in a £203m deal.

Apax will pay 110p per share in cash, which is a 41% premium to the closing share price on Tuesday.

Kin and Carta chair John Kerr said the offer provides shareholders with the certainty of a cash price today "that fairly represents the opportunities and risks inherent in the business and delivery of Kin and Carta's strategy".

"We believe the offer to acquire Kin and Carta by Apax Funds represents an excellent opportunity for the company to accelerate ambitious growth plans and scale the business, building on the acquisition and integration of leading data and technology companies, the development of valuable technology partnerships, and the creation of a strong portfolio of enterprise clients," he said.

"Apax's experience supporting and growing digital consultancy businesses with valuable connections, resources and access to incremental growth capital will enable Kin and Carta to expedite progress on the company's existing strategy, by bolstering M&A capacity, providing access to new markets, and supporting the management team to deliver profitable long-term growth."

At 1245 BST, the shares were up 40% at 109.40p.