Private equity fund Cinven has entered into exclusive negotiations to acquire a majority stake in the Euro Techno Com Group (ETC Group) from global investment fund Carlyle (NASDAQ: CG). However, both the parties have not disclosed the financial details of the transaction.
Furthermore, Carlyle will also re-invest proceeds from the sale for a significant minority stake. Additionally, the Founder and CEO, Cédric Varasteh, would also retain a significant stake.
Carlyle first invested in the ETC group through its Carlyle Europe Technology Partners (CETP) IV, a $1.42 billion fund. This fund primarily invests in small and mid-market technology-focused opportunities. During its partnership with the ETC group, the company delivered exceptional results. Under Carlyle's ownership, the company...
