Hg to buy stake in EQT’s $10 billion cloud software arm

Hg to buy stake in EQT’s $10 billion cloud software arm

Bloomberg: Hg has agreed to buy a stake in a group of cloud software providers owned by EQT AB, in a deal valuing the operations at $10 billion.

Under the terms of the transaction, EQT will sell a large part of its holdings in IFS and WorkWave to Hg, the private equity firms said that confirmed an earlier Bloomberg News report.

Stockholm-based EQT will remain a majority shareholder in the businesses alongside Hg and fellow backer TA Associates. TA will also sell a portion of its stakes to Hg, according to the statement.