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3i to acquire UK software consultancy Civica28/03/2008. Source: AltAssets. 
 3i-backed Cornwall Bidco has agreed to acquire the entire issued and to be issued ordinary share capital of UK-based software consultancy business Civica at a price of 270 pence per Civica share, valuing the company at approximately £190m.
The 270 pence per share price represents a premium of approximately 33.7 per cent over the closing share price on 27 March 2008 and 39.8 per cent over the average closing price of 193.15 pence per share for the six-month period prior to the date of the announcement.of the purchase agreement, according to a statement.
Cornwall Bidco will be controlled by 3i, with Civica's management team and the executives owning minority shareholding.
Following the completion of the deal, Civica CEO Simon Downing will continue to lead the company.
Simon Freer, head of technology at 3i Investments, said, 'Technology is a key sector focus for 3i and we are delighted to be in a position to invest in Civica. We are looking forward to working with the management team, led by Simon Downing, to help the business achieve its full potential.'
Laurence Vaughan, non-executive chairman of Civica, added, 'The independent directors are pleased to recommend this offer from 3i of 270 pence in cash for each Civica share. We believe that this offer represents an attractive premium and provides certainty
of value for our shareholders. We are confident that 3i, a FTSE 100 company, will also be a strong partner for our business, its employees and customers, providing a robust platform for Civica for the future.'
3i recently confirmed that it will move away from early stage investing in favour of growth capital, mid-market buy-outs and growth opportunities.
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