Providence Equity to buy Hyve in £481m deal
By Michele Maatouk
Date: Wednesday 15 Mar 2023
(Sharecast News) - Hyve has agreed to be bought by private equity firm Providence Equity in a deal that values the exhibition business at around £481m.
Under the terms of the transaction, Hyve shareholders will receive 108p a share in cash. This follows previous offers of 101p and 105p a share.
The offer price represents a premium of 40.8% to the closing Hyve share price on 17 February, which was the last business day prior to the movement of Hyve's share price on 20 February.
Hyve chairman Richard Last said: "The board believes the offer represents value for shareholders and that Providence, with their knowledge of the sector and belief in the business and management team, will be a good partner for Hyve.
"I would like to take this opportunity to recognise the exceptional contribution of our people, whose commitment and hard work have fundamentally changed Hyve for the better, and place us at the forefront of our industry."
Based in Rhode Island, Providence focuses on media, communications, education, and technology investments across North America and Europe.
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