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Report: Bain could buy stake in Italian IT company at €1.5B-plus valuation

Boston-based buyout firm Bain Capital LP is in the final stages of talks to acquire a stake in Engineering Ingegneria Informatica SpA in a deal that could value the Rome-based IT service provider at more than €1.5 billion, Reuters reported, citing four sources familiar with the matter.

London-based private equity firm Apax Partners LLP, which jointly owns an 88% interest in Engineering with investment platform NB Renaissance Partners, is reportedly selling the stake.

Bain would be the largest investor in Engineering, along with NB Renaissance, if a deal materializes. Engineering founder and shareholder Michele Cinaglia will stay invested in the company, one source told Reuters. Bain is straightening out the financial details of the transaction while finalizing the governance terms with NB Renaissance, the news outlet noted, citing two of the sources.

European private equity firms Cinven Ltd., PAI Partners and Intermediate Capital Group PLC had explored but abandoned plans to potentially invest in Engineering, several sources reportedly added.

Neuberger Berman Group LLC, which backs NB Renaissance, was earlier reported to be targeting €1 billion for NB Renaissance Partners III SCSP, its third buyout fund focused on the Italian market.

NB Renaissance, Bain and Apax did not comment on the deal talks. PAI, Cinven and Intermediate Capital Group also declined to comment, according to Reuters.