EQT explores $2.1bn sale of data management firm Rimes

EQT AB has chosen Evercore Inc. to help with a potential sale of data management company Rimes Technologies, people with knowledge of the matter said.

The Swedish investment firm and its adviser are working to gauge interest in Rimes, which could be valued at as much as $2.1bn, according to the people. A formal sale process could kick off early next year, they said.

Deliberations are at an early stage and there’s no certainty they’ll lead to a transaction, the people said, asking not to be identified discussing confidential information. Representatives for EQT and Evercore declined to comment, while a spokesperson for Rimes couldn’t be reached for comment.

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Rimes provides data and investment management tools to companies ranging from US custody giant Bank of New York Mellon Corp. to British oil major Shell Plc, according to its website. EQT invested in the business in 2020 for an undisclosed amount.

Private equity firms are exploring more sales of portfolio companies as valuation expectations begin to normalize after what’s been a tough 18 months for dealmaking. EQT is also considering a possible sale of software provider Sitecore, which could fetch as much as $2bn, Bloomberg News reported previously.

Elsewhere in the tech sector, Partners Group Holding AG is weighing resurrecting a sale of software firm Civica, while Hg is looking to offload Iris Software.

Source: BNN Bloomberg

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