Hg to buy German software firm P&I from Permira funds

LONDON (Reuters) - European software investor Hg said on Monday it would acquire Germany’s Personal & Informatik, a provider of cloud-based HR software, from a group of funds advised by Permira for an enterprise value of 2 billion euros ($2.22 billion).

The acquisition will be made via Hg Saturn 1 Fund, which focuses on software businesses with enterprise values of more than 1 billion pounds ($1.30 billion), Hg said in a statement. It did not disclose how much it would be investing in total.

The Permira funds will remain invested in P&I with a substantial minority stake, according to the statement.

(This story corrects first par to say Hg rather than Hg Capital Trust)

($1 = 0.9022 euros)

($1 = 0.7683 pounds)

Reporting by Abhinav Ramnarayan, editing by Louise Heavens