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Apax Global Alpha Ltd - Guernsey-based closed-ended investment company - Says portfolio company Duck Creek Technologies has entered an agreement to be acquired by Vista Equity Partners for $19.00 per share in cash, or around $2.6 billion. Apax says the transaction values its current investment in Duck Creek at €32.3 million, an uplift of about 46% to last unaffected valuations. The transaction also represents a €10.3 million uplift in adjusted net asset value of Apax at September 30. The acquisition is still subject to approval by Duck creek’s stockholders, the company says. Apax acquired a majority stake in Duck Creek in 2016. On Wednesday, Apax Global said Duck Creek agreed to be bought by Vista for around $2.6 billion.
Current stock price: 176.84 pence per share, down 0.2% on Friday morning in London
12-month change: down 18%
By Harvey Dorset, Alliance News reporter
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