SHARES in software company IQGeo Group closed up over 16 per cent yesterday after the board said it has agreed on a takeover bid by US private equity giant KKR.

The deal offers IQGeo shareholders 480p per share in cash and values the London-listed company at around £333m.

The cash offer is a 48 per cent premium to the twelve-month volume weighted average price of 325p per IQGeo share and a 19 per cent premium to the last closing price of the shares (405p).

IQGeo is a leading global provider of geospatial software solutions such as maps, satellite imagery, and GPS data.

The cash offer is 7.1 times IQGeo's revenue of £44.5m for 2023 and 48.1 times the company's adjusted earnings before interest, tax, deprecation and amortisation of £6.6m for 2023.

Paul Taylor, chair of IQGeo, said: "The proposed acquisition will provide IQGeo with the ownership structure and investment required to unlock its full potential."

Rami Bibi, head of EMEA for KKR Global Impact, said IQGeo is "unique" in "transforming grid infrastructure".

(c) 2024 City A.M., source Newspaper