Blackstone to Buy Civica for $2.5bn from Partners Group

Blackstone Inc. (BX) is closing in on an acquisition of software developer Civica for $2.5bn, The Wall Street Journal reported Tuesday. The seller on the deal is Partners Group Holding AG, another private-equity firm that paid about $1.3bn for Civica in 2017. 

The purchase by Blackstone Group could be announced as early as Wednesday, the WSJ reported, citing people familiar with the firm. Spokespeople from Blackstone and Partners Group did not respond to a MarketWatch request for comment. Bloomberg reported in May that Partners Group hoped to fetch a price of $2bn for Civica, a London-based information technology service provider in the public-sector arena.

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Partners Group had tried to sell the company at least two other times, the report said. Blackstone’s stock was down 0.6% in recent trades. The stock has risen nearly 43% in 2023, compared with an 18.1% rise by the S&P 500 .

Civica is a provider of software and services to the public sector in the UK and around the world. The company helps public bodies to be more efficient and effective by providing software and services that help them to manage their finances, operations, and data. Civica has a growing portfolio of products and services, and is committed to helping public bodies to meet the challenges of the digital age.

Civica is a growing and successful company that is well-positioned for continued growth. The acquisition by Blackstone is expected to provide Civica with the resources it needs to continue to grow and innovate. As the company continues to expand, it is committed to providing its customers with the best possible software and services.

Source: Morningstar

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