Buyout giant Bain Capital is close to finalising a deal to buy French IT firm Inetum in a deal worth around $2.27bn, according to reports.
The deal will see Inetum, which provides services including IT consultancy, cloud computing and AI, returning into private equity hands after being sold to Qatar’s group Mannai Corp in 2016, according Reuters.
Bain is understood to be finalising the deal and could complete the transaction early this week.
JPMorgan is working with currency Qatari owners Mannai Corp on the sale, while Credit Suisse is advising Bain, according to sources spoken to by Reuters.
The deal will provide a boost to Bain as it looks to extend its presence across Europe’s tech sector. The private equity firm, which owns British market data business Kantar and has been a prolific investor in Europe’s payments industry, has valued Inetum at about 10 times its core earnings of roughly 200 million euros, one of the sources said.
Inetum, led by Chief Executive Vincent Rouaix, had revenues of almost 2 billion euros in 2020 and was previously backed by investment firms Apax France, Altamir and Boussard & Gavaudan.