Zellis, serving approximately a third of the FTSE 100 companies, aims to expand its market reach into the mid to upper-mid sectors. This growth is planned through the introduction of new HR modules for current customers and an expansion of its benefits administration segment.
Apax Funds To Acquire Zellis Group : Final Stages of the Deal
Projected to conclude in the latter half of 2024, the acquisition requires no shareholder nod from Apax Global Alpha, as the transaction is structured through fund investments, highlighting its strategic maneuver within its operational framework. However, the deal awaits final regulatory approval, details of which remain undisclosed.
Following the announcement, Apax shares on the London Stock Exchange, part of the FTSE 250 Index, experienced a rise to 141.4 pence ($1.75), marking a 1.7% increase from the previous day.
Financial advisement for the transaction is provided by Arma Partners and Citigroup for Apax, with Evercore and Morgan Stanley advising Zellis and Bain Capital.
