A New York investment firm is offering to buy Longueuil e-commerce platform operator mdf commerce.
KKR & Co is offering $5.80 per share, the equivalent of a nearly 60% premium to the closing price of mdf’s shares Friday on the Toronto Stock Exchange.
This offer gives a value of 255 million to mdf, which has approximately 650 employees.
This transaction is the result of an extensive formal sales process conducted by the mdf board of directors. Management emphasizes that “several proposals” from interested parties were taken into consideration during the strategic review process.
KKR & Co, whose shares are listed on the New York Stock Exchange, is an investment giant. The stock market value of KKR (Kohlberg Kravis Roberts) reaches nearly 90 billion US dollars.
The firm was co-founded in 1976 by businessmen Henry Kravis and George Roberts with their mentor Jérôme Kholberg. Over the years, KKR has multiplied transactions which today amount to hundreds of billions of US dollars.
“KKR has a long history of successful investments in innovative software companies in the global marketplace. I am convinced that KKR is the ideal partner for mdf commerce and that it can contribute to the continued success of the company,” commented the CEO of mdf commerce, Luc Filiatreault, in a press release.
“We are excited about the enormous opportunities available to mdf commerce’s e-procurement platform as governments increasingly adopt digital solutions,” said John Park, Partner at KKR.