Transactions
Mergers, Acquisitions, Corporate Law
FSI acquires a stake in Avanquest Software
November, 2009
Founded more than 20 years ago, Avanquest Software is today one of the main software developers and publishers for individuals and professionals in the world. Through external growth, the listed company has the ambition to join the world's top 5 software publishing companies for the general public.
To support this development, Avanquest Software decided, on November 12, 2009, to welcome Fonds Stratégique d'Investissement (FSI) in its capital. Following the investment, FSI should become the company's main shareholder owning 20% of the capital.
As a reminder, last March, Oddo Asset Management had taken a 15% stake by investing 4,5M€.
At the beginning of 2010, FSI will thus make a first capital acquisition through a capital increase raised from 8 to 9 M€. The preferential rights of subscription will be maintained at a maximum price of 3,65€, and this transaction will be carried out simultaneously with the issue convertible bonds up to the amount of 3 M€.
FSI is also committed to taking part in future capital raising operations by the end of March 2011 if any major external growth project would arise and recquire a new capital increase.
However, it was agreed that FSI's total holding could not exceed 20% of the capital of Avanquest Software and that its investment would be capped at 20M€ maximum in order not to dilute the shares of the historical shareholders too significantly.
Jacques Goyet, Florence Dedieu, partners and Stéphanie Dourdin, attorney, advised the seller
