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Blackstone has said it is buying UK-based software developer Civica from Partners Group, in a deal valuing the company at just under £2 billion, according to sources.
The deal is likely to be financed by the portable structure that was put in place in August this year, sources said, with a unitranche of roughly £1 billion from a club of lenders including CVC Credit, Golub and SMBC.
The company — which was marketed at EBITDA of £130 million — is a specialist systems and outsourcing business headquartered in London. It provides software to public sector organisations and commercial firms.
The transaction is expected to close in the second quarter of 2024, subject to regulatory approvals.
Civica was backed by a first lien loan in 2017 that supported the Partners Group-led buyout of the company.
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This article originally appeared on PitchBook News