Apax Global Alpha (AGA), the London-listed investment trust giving investors access to Apax Partners’ private equity funds, has been acquired by Janus Bidco Limited, a newly formed Guernsey vehicle backed by Apax Partners and funded by Ares Management.
The transaction, structured through a court-sanctioned scheme of arrangement under Guernsey law, became effective on 17 September. As a result, AGA shares have been suspended from trading, with full delisting from the London Stock Exchange expected on 18 September.
Shareholders will receive €1.90 in cash per share, valuing the company at €916.5 million (£794.5 million). Eligible investors were also offered an alternative option to roll over their holdings into a new investment vehicle, though the majority will receive cash settlement.
AGA reported a net asset value of €1.11 billion in its interim results to 30 June, down from €1.23 billion at the end of 2024, largely due to currency movements. The takeover offer therefore came at a discount to the last reported NAV of €2.29 per share.
The deal marks the end of AGA’s nine-year run as a listed company. Established in 2015, the trust was designed to give public market investors access to Apax private equity funds alongside a portfolio of direct debt investments.
Following the transaction, Janus Bidco has assumed full ownership and reconstituted AGA’s board. Cash consideration is expected to reach shareholders within 14 days, via CREST assured payment for uncertificated shares or cheque for certificated holdings.
