Esker and Boréal Bidco, a company controlled by Bridgepoint Group, have entered into a Tender Offer Agreement which sets out the terms and conditions of the proposed acquisition of the Esker shares by Bridgepoint, in association with General Atlantic and the management shareholders of the Company, through Boréal Bidco, a French-law special purpose vehicle, by way of a cash tender offer at a price of €262 per share.
This project would enable Esker, a key player in the automation of Source-to-Pay and Order-to-Cash management cycles, to accelerate its development strategy by benefiting from the necessary flexibility and support of Bridgepoint and General Atlantic
The Offer, which would be filed with a price of €262 per Esker share, values 100% of the Company’s share capital at approximately 1,621 million euros on a fully diluted basis. This price would reflect a premium of 30.1% over the unaffected share price of €201.4 at 8 August 2024 (i.e., the date prior to the first market rumors) and a premium of 37.2%, 43.6% and 62.4%, respectively, over the volume weighted average share prices over 3, 6 and 12 months prior to that date.
Jean-Michel Bérard, Founder and CEO of Esker, said: “We are delighted to announce this next strategic step with Bridgepoint and General Atlantic. Their deep understanding of our ‘Office of the CFO’ market and their focus on growth were key factors in our choice. Working with French teams who share our values of profitable growth, employee motivation and technological innovation will enable us to strengthen our position and accelerate our development.”
Emmanuel Olivier, Chief Operating Officer of Esker, said: “We are very excited to be partnering with Bridgepoint and General Atlantic. This transition represents an exceptional opportunity for Esker to accelerate its operational growth. It will enable us to increase our efficiency, optimise our processes and mobilise additional resources in key areas of our development, while strengthening our ability to achieve our objectives.”
David Nicault, Partner and Head of Technology at Bridgepoint said: “Esker is a leading global player in its category, with cutting-edge products and technology, as evidenced by its remarkable growth in a competitive environment. With its leadership in France, strong presence in other European markets and Asia-Pacific and a significant presence in North America, Esker aligns perfectly with Bridgepoint’s platform strategy. We are excited to leverage our industry expertise and strong presence in Esker’s key geographies, to support its strategic growth plan.”
Gabriel Caillaux, Co-President and Head of EMEA at General Atlantic, said: “Esker is transforming the office of the CFO through technology. The company’s mission-critical software enables its enterprise clients to streamline and automate corporate finance processes, delivering meaningful efficiency gains and cost savings. We believe Esker is poised for further growth, supported by long-term tailwinds towards digitisation and an expanding market as businesses navigate increasing operational complexities. We look forward to partnering with Bridgepoint and the Esker management team to continue extending the company’s leading product offering and international presence.”
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