Global law firm White & Case LLP has advised Polish Enterprise Fund VIII (PEF VIII), a private equity fund managed by Enterprise Investors, on the acquisition, through a tender offer, of up to 100 percent of the shares in PragmaGO, a provider of financial services to the SME sector.
"This is a significant public market fintech acquisition and the start of a strategically important investment to develop PragmaGO so that it can make full use of the market's potential," said White & Case partner Marcin Studniarek, who co-led the Firm's deal team. "The acquisition of PragmaGO is just the start of the journey, as PEF VIII moves forward with its aim is to delist the company from the Warsaw Stock Exchange."
PEF VIII has secured the right to acquire a 72 percent stake from the majority shareholder, Pragma Inkaso. The subscription period for the tender offer will run from 16 December 2020 to 29 January 2021. The tender offer share price for the minority shareholders will be 35 percent higher than for the majority shareholder. This price includes a 20 percent premium on the share price on the day preceding the tender offer announcement and is 37 percent higher than the average price of PragmaGO's shares over the last six months.
Enterprise Investors intends to delist PragmaGO so it can continue its development in the private market.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding €2.5 billion.
PragmaGO operates in the non-banking financial market, offering customers products such as factoring and purchase financing and providing businesses with both working and investment capital. Focused on automated online processes and distribution alliances with numerous partners, PragmaGO offers customers a comprehensive range of solutions for improving their liquidity quickly and efficiently.
The White & Case team in Warsaw which advised on the transaction was led by partner Marcin Studniarek and local partner Rafał Kamiński with support from associates Damian Lubocki, Karolina Kałucka, Dawid Książek and Michał Perdjon.
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