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EQT, Bridgepoint halt sale processes amid coronavirus pandemic – Bloomberg

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EQT, Bridgepoint halt sale processes amid coronavirus pandemic – Bloomberg

European private equity firm EQT AB (publ) is postponing the sale of software-maker IFS International Holdings Inc. amid the market uncertainty stemming from the coronavirus pandemic, Bloomberg News reported, citing people with knowledge of the matter.

Initial bids gathered early March from private equity funds valued the business at over €3 billion, the news outlet added, citing the people.

EQT was not open to considering a coronavirus-related discount if any bidders downsized their offers in the next round of bidding and intends to retain the business for longer, Bloomberg noted, citing the people.

IFS provides enterprise resource planning software for use in industries including aerospace, manufacturing, engineering and telecommunications.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

Bridgepoint Advisers Ltd., another private equity firm, is also postponing the sale of its Portugal-based agricultural chemicals business Rovensa SA, which was initially expected to fetch over €1.2 billion, Bloomberg reported, citing people familiar with the matter.

While several private equity suitors were asked to make final bids last week, they abstained from submitting binding offers as market conditions continued to worsen, the people said.

Bridgepoint now intends to call for bids in May, when there is more clarity regarding the epidemic's impact on the company's performance, the news outlet added, citing one of the people.

Representatives for EQT and Bridgepoint declined a request for comment from Bloomberg.