Hellman & Friedman Buys SSP

Hellman & Friedman, the US private equity firm founded in San Francisco in 1984, has acquired UK IT company SSP Holdings plc for 190p per share at an enterprise value of Gbp198m (US$396m). SSP provides IT solutions to the insurance industry.

SSP's management team already own 27% of SSP and will rollover a significant portion of their current equity holdings in SSP.

David Rasche, Executive Chairman of SSP said: “I am pleased to announce this transaction which recognises the significant value that has been created for SSP shareholders since we floated the Company in October 2006. Many of our shareholders invested in the IPO at 98 pence per share and will now realise a premium of approximately 94 per cent in cash over some two years.”

Source: Thomson Merger News