logo
Plus   Neg
Share
Email

Hg Sells VFX Firm Foundry To Roper Technologies For £410 Mln Cash - Quick Facts

Hg, the Manager of HgCapital Trust plc (HGT.L), announced Tuesday the sale of Foundry, a developer of high-end visual effects or VFX and 3D design software, to diversified technology company Roper Technologies (ROP) for 410 million pounds in cash.

Foundry is headquartered in London, with offices in Manchester and Austin. It has more than 6,000 customers in over 100 countries and employs c.300 people. Hg invested in Foundry from the Hg7 fund in 2015.

Nic Humphries, Senior Partner at Hg, said, "Hg has built on the company's strong development capabilities to drive enterprise adoption of the Digital Design offering and pioneer revolutionary new products such as Athera."

Foundry was advised on this transaction by Arma Partners, Skadden and Deloitte.

Based on the February 28 reported NAV, following completion of this transaction the pro-forma NAV of the Trust is expected to be 798.6 million pounds or 2,139.6 pence per share. The Company will realise estimated cash proceeds of approximately 28.0 million pounds.

The Company's liquid resources available for future deployment are estimated to be 144 million pounds, 18% of the pro-forma 28 February 2019 NAV. In addition, the Company has access to a 80 million pounds standby facility, which is currently undrawn.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT