Electra Private Equity Plc (ELTA.L) said it has received a binding offer from funds advised by BC Partners for Allflex Holdings, its largest investment which had a valuation of 154 million pounds at September 30, 2012. Subject to consultation with the relevant works council in France and certain regulatory approvals, the offer values AlIflex at an enterprise value in excess of $1.3 billion and, if accepted, would result in gross proceeds of $398 million to Electra.
Electra's unaudited half-year results would be announced on May 30, 2013, following the completion of the revaluation of the investment portfolio at March 31, 2013.
According to the company, the Allflex sale would represent an uplift in Electra's NAV per share of 159 pence from the audited accounts at September 30, 2012, reflecting current exchange rates together with a carried interest provision.
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