Equals Group Extends Takeover Deadline

Equals Group Extends Takeover Deadline

Time Stamp: January 24, 2024 5:43 AM
Source Node: 2458214

The London-listed
fintech Equals Group has prolonged the ‘put-up-or-shut-up’ deadline for a
potential takeover, adding to the trend of firms departing London’s markets.
The AIM-listed payments firm initiated a ‘strategic review’ in November and
entered into talks with the US-based private equity group Madison Dearborn Partners
regarding a potential sale.

In
a statement today, Equals Group announced an extension of discussions with
Madison Dearborn Partners as it considers a move back into private ownership.
The board of Equals has requested an extension of the ‘put-up-or-shut-up’ deadline from the Panel on Takeovers and Mergers, giving the two
entities until 5 pm on February 21 to reach a potential deal.

Madison
Dearborn’s interest in Equals
Group aligns with a series of takeover bids targeting London firms in the
latter half of the previous year. The trend saw 40 companies either going
private or agreeing to takeover bids, with analysts anticipating another wave
of take-privates as markets stabilize.

Charles
Hall, the Head of Research at Peel Hunt, highlighted the relentless pace of
de-equitisation driven by low UK valuations, making it an attractive landscape
for acquirers. He noted the dearth of IPO activity and warned of continued
trends unless prompt action is taken.

Equals
Group Achieves Strong Revenue Growth of 37% in 2023

Earlier,
Finance Magnates reported that Equals
Group Plc released its pre-close trading update for the financial year
ending December 31, 2023, reporting unaudited revenues of £95.5 million, an increase of 37% from the previous year. The growth was fueled by the Solutions
business and B2B products, resulting in a Y-o-Y increase of 36.4% in revenues per working
day.

The
company additionally saw elevated Adjusted EBITDA and held approximately £18.3 million
in cash. Despite an ongoing strategic review, the CEO, Ian Strafford-Taylor, expressed confidence in 2024 plans. Equals Group anticipates 2023 results to
align with market expectations. Acquiring Oonex S.A. in July 2023 and Roqqett
Limited in December 2023, the company plans to report audited full-year results
in April 2024.

The London-listed
fintech Equals Group has prolonged the ‘put-up-or-shut-up’ deadline for a
potential takeover, adding to the trend of firms departing London’s markets.
The AIM-listed payments firm initiated a ‘strategic review’ in November and
entered into talks with the US-based private equity group Madison Dearborn Partners
regarding a potential sale.

In
a statement today, Equals Group announced an extension of discussions with
Madison Dearborn Partners as it considers a move back into private ownership.
The board of Equals has requested an extension of the ‘put-up-or-shut-up’ deadline from the Panel on Takeovers and Mergers, giving the two
entities until 5 pm on February 21 to reach a potential deal.

Madison
Dearborn’s interest in Equals
Group aligns with a series of takeover bids targeting London firms in the
latter half of the previous year. The trend saw 40 companies either going
private or agreeing to takeover bids, with analysts anticipating another wave
of take-privates as markets stabilize.

Charles
Hall, the Head of Research at Peel Hunt, highlighted the relentless pace of
de-equitisation driven by low UK valuations, making it an attractive landscape
for acquirers. He noted the dearth of IPO activity and warned of continued
trends unless prompt action is taken.

Equals
Group Achieves Strong Revenue Growth of 37% in 2023

Earlier,
Finance Magnates reported that Equals
Group Plc released its pre-close trading update for the financial year
ending December 31, 2023, reporting unaudited revenues of £95.5 million, an increase of 37% from the previous year. The growth was fueled by the Solutions
business and B2B products, resulting in a Y-o-Y increase of 36.4% in revenues per working
day.

The
company additionally saw elevated Adjusted EBITDA and held approximately £18.3 million
in cash. Despite an ongoing strategic review, the CEO, Ian Strafford-Taylor, expressed confidence in 2024 plans. Equals Group anticipates 2023 results to
align with market expectations. Acquiring Oonex S.A. in July 2023 and Roqqett
Limited in December 2023, the company plans to report audited full-year results
in April 2024.

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