3i Agrees to Buy Civica

3i, a global private equity firm, has made a 270p offer for Civica, which values the UK software developer and consultancy business at approximately Gbp190 million (US$379m).

The offer represents a 33.7% premium to Civica's closing price of 202p yesterday when the offer was announced and 39.8% to the average closing price of 193.15p per share for the six months prior to the announcement.

3i made the offer through a new bidding vehicle Cornwall Bidco. Civica management will hold a minority stake in the business.

Cornwall Bidco has already received irrevocable undertakings to accept the offer relating to approximately 47% of the existing issued share capital.

“Technology is a key sector focus for 3i and we are delighted to be in a position to invest in Civica,” said Simon Freer, head of technology at 3i. “We are looking forward to working with the management team, led by Simon Dowing, to help the business achieve its full potential.”