The American fund Apollo is launched by Applus, the leading group of ITV and industrial tests. The American giant offers 1,226 million in cash to take over 100% of the group through a takeover bid in which it offers 9.5 euros per share, 2% above the close of this Thursday. The premium reaches 50% over the average price of the previous six months, when information on interest began to be published.
After hearing about the offer, communicated this Friday to the National Securities Market Commission (CNMV), the Applus board of directors has expressed its commitment to cooperate with Apollo. The takeover bid is subject to the acceptance of 75% of the capital. Also to the relevant approvals by Competition (CNMC) and the Council of Ministers, since the state approval of purchase operations by foreign firms that was established in the pandemic is still in force.
Headquartered in Spain, Applus operates in more than 65 countries and employs more than 26,000 people. It invoices more than 2,000 million euros and has a very fragmented capital. Among the large shareholders are Morgan Stanley, Southeastern Asset Management or DWS, which declare stakes close to 5%, according to the records of the CNMV. Santander, with 3.1%, is the leading Spanish shareholder.
The Apollo takeover bid may precipitate a response from other funds that were interested in Applus, such as the British giant Apax or the American Squared Capital, hand in hand with TDR.
The CNMV had suspended the company’s listing before the opening of the markets pending relevant information about the entity”. After the announcement of the Apollo takeover bid, the suspension will be lifted at 1:00 p.m.
