Perfect Commerce - Proactis
Source: Nasdaq GlobeNewswire / 07 Jul 2017 02:30:40 Eastern Standard Time
Paris - July 7th, 2017 - Hubwoo (Euronext: HBW.NX), a leading provider of comprehensive spend management and business process collaboration solutions, announces that PROACTIS Holdings Plc ("PROACTIS") has today conditionally agreed to acquire Perfect Commerce LLC ("Perfect Commerce"), the parent of Hubwoo's 79% shareholder, for an aggregate consideration of up to $132,5 million (approximately € 116,3 million).
PROACTIS is a UK based, specialist spend management solution provider quoted on the AIM market of the London Stock Exchange. The acquisition of Perfect Commerce by PROACTIS (the "Acquisition") is subject to and conditional on, amongst other things, approval by PROACTIS shareholders and completion is expected on or around 4 August 2017.
PROACTIS will become the indirect holder of more than 30 percent of the share capital and voting rights of Hubwoo and therefore under the rules of the AMF, completion will trigger an obligation on PROACTIS to launch a tender offer over Hubwoo shares. However, PROACTIS will file with the AMF a request for waiver to the obligation to launch such tender offer, on the basis of article 234-9, 8° of the AMF rules, HUBWOO not being an essential asset of Perfect Commerce LLC.
Additional information regarding the Acquisition is available in English at http://www.proactis.com/investors.
About Hubwoo (www.hubwoo.com), a Perfect Commerce Company
Hubwoo connects companies by providing comprehensive, cloud-based spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy to use solution which drives adoption, compliance and savings.
Significant customers include BASF, Honeywell, Shell, Evonik, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, and The Dow Chemical Company.
Hubwoo has major operations in Paris, Houston, Bonn, London, and Manilla. Listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP
Tel: +33 (0)1 53 25 55 00
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Source: Hubwoo via Globenewswire