The direct investment arm of the Fleming Family & Partners, FF&P Private Equity, had announced the sale of OB10 to Tungsten Corp for the sum of GBP100 million. The transaction would be the fruition of the realization of 70% of the holdings in cash and conversion of the remaining value to Tungsten Corporation shares.
The shares would be listed in the AIM market. The pricess had raised nearly GBP160 million from investment institutions to fund the development of the business enterprise. After the float, OB10 shareholders would own 11.5% of the listed entity. At the time of FF&P Private Equity's ownership of OB10, the firm established itself as amongst the top e-invoicing networks in the world. It now processes more than GBP100 billion a year for many of the world's largest firms.
According to FF&P Private Equity co-head and member of the board for OB10 Henry Sallitt, "FF&P Private Equity is dedicated to helping growth companies realize their full potential, through both funding and real assistance in the operational growth of business. At OB10, we have restructured the management team, funded an international network and moved the strategy into payments and invoice discounting areas. We are delighted that Tungsten wil be taking that strategy forward to monetize the global network."
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