Bencis Capital Partners announced that it is acquiring Punch Graphics' majority stake in Xeikon, a digital press manufacturer. The transaction takes the value of the Xeikon to EUR185 million or US$264 million. Bencis Capital Partners is a private equity firm based in Netherlands and Belgium.
Bencis Capital Partners will obtain Punch Graphic's 65.68% controlling stake in the digital press manufacturer for around EUR110.3 million. The deal is subject to conditions, according to a statement. Bencis Capital's offer is equivalent to a 32% premium compared to Xeikon's average stock price in the past six months.
The deal, which was initiated last January, was recommended to shareholders by the Punch Graphics board. Under the terms of the transaction, Bencis Capital will be acquiring Xeikon's offices in Belgium and Point-IT, Xeikon's IT services provider. The transaction is estimated to be completed by September.
Once the deal is completed, Gimv, an investment fund, will also purchase a 20% stake in Xeikon. Gimv is a Belgium-based investment firm with extensive operations in venture capital and private equity.
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