Published: Nov. 21, 2023 at 12:38 p.m. ET
Blackstone Inc. is reportedly nearing the acquisition of software developer Civica for a staggering $2.5 billion, according to The Wall Street Journal. The current owner of Civica, Partners Group Holding AG, another private-equity firm, had acquired the company for approximately $1.3 billion back in 2017. The highly anticipated deal between Blackstone Group and Civica is expected to be officially announced as early as Wednesday, insiders familiar with the matter informed the WSJ. Both Blackstone and Partners Group declined to comment on the report.
Earlier reports from Bloomberg in May revealed that Partners Group was aiming to sell Civica for a price of around $2 billion. However, it now appears that Blackstone has exceeded this expectation, signaling a significant vote of confidence in the London-based information technology company.
As the final touches are being made to this multi-billion dollar acquisition, the tech industry eagerly awaits the official announcement from Blackstone Group. If successful, this deal will undoubtedly prove to be a major milestone for both Blackstone and Civica, solidifying their positions as major players in the software development sector.