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Britain's 3i receives private equity bids for Civica -source
March 18 |
March 18 (Reuters) - British private equity group 3i has received several bids from fellow buyout firms for UK software provider Civica, a source familiar with the matter said on Monday.
Advent International, Apax Partners, Bain Capital and Cinven have all submitted bids for Civica, the source said.
Under pressure from frustrated shareholders to cut its debt of 1.2 billion pounds ($1.81 billion) to less than 1 billion pounds by June, 3i had said it will focus on asset disposals to achieve this goal and boost its weak share price.
Last month, it sold Canadian plastic equipment maker Mold-Masters to U.S. rival Milacron for 615 million pounds.
3i acquired a majority stake in Civica, which provides IT services for the public sector, in April 2008 in a deal that valued the business at 218 million pounds.
The sale is being run by Rothschild, the source said.
3i declined to comment.
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