Gresham Technologies PLC announced Tuesday that U.S. private equity firm STG Partners LLC’s attempt to acquire the U.K.-based software company for £146.7 million ($186 million) has received a significant boost with key regulatory approvals.
The proposed sale to Alliance Bidco Ltd., a unit indirectly owned and managed by STG, remains on track to complete as planned. This follows the U.K. government’s consent under the National Security and Investment Act.
STG Gresham Bid Approval : Regulatory Approvals Received
Gresham Technologies confirmed that the U.S. Department of Commerce’s Bureau of Industry and Security has approved the proposed transaction. Additionally, Australia’s Foreign Acquisitions and Takeovers Act has consented to the planned takeover.
However, the potential acquisition still requires screening and investigation by Luxembourg’s Ministry of Economy, according to Gresham Technologies.
Merger Plans and Shareholder Approval
STG Partners revealed in April that it plans to merge Gresham Technologies with its financial software company Alveo, acquired in January 2023. This merger aims to establish a global enterprise data management and governance platform for capital markets technology.
