Xeikon sold to private equity, valued at $265m

According to a statement, Netherlands and Belgium-based private equity house Bencis Capital Partners will acquire Punch’s 65.68% controlling stake in Xeikon for €110.3 million, subject to conditions.

The conditions are largely centred on Xeikon’s interim results, Bencis raising the required capital and the approval of competition authorities. Once they are met, the €5.85-per-share cash offer will be extended to a mandatory offer at the same value to the remaining shareholders of Xeikon. The business will then be delisted.

The offer price represents a 32% premium over Xeikon’s average share price in the past six months.

[Related: Xeikon offers toner quality at inkjet speeds]

The transaction is expected to complete by 17 September.

The deal, which was first mooted in January, was recommended to shareholders by the Punch board. As part of the deal, Bencis will also acquire Xeikon’s premises in Belgium and its IT services provider, Point-IT.

Once the deal has been completed, a second investment fund, Gimv, will acquire a 20% stake in Xeikon.

Punch, which was a major supplier of components to Xeikon, bought the manufacturer's colour digital assets out of bankruptcy in March 2002.

Neither Xeikon nor Bencis were available for comment at the time of writing.

[LinkedIn: Is private equity good for the industry?]

This article originally appeared at printweek.com

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter

Leave a comment:

Your email address will not be published. All fields are required

Advertisement

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.
Advertisement