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Cinven Agrees to Buy Patents Company CPA From Intermediate

By Anne-Sylvaine Chassany and Patricia Kuo - 2012-01-18T15:31:11Z

Cinven Ltd., the British buyout firm that owns the Pizza Express restaurant chain, agreed to buy patents company CPA Global Ltd. from Intermediate Capital Group Plc (ICP) and other shareholders.

The deal is subject to regulatory approval and is expected to be completed in the first quarter, London-based Cinven said in an e-mailed statement today. The transaction values CPA at about 950 million pounds ($1.5 billion), according to a person with direct knowledge of the purchase, who declined to be identified because the terms weren’t fully disclosed.

Cinven is investing the remainder of its 6.5 billion-euro ($8.3 billion) buyout fund while seeking 5 billion euros from investors for another pool. Intermediate bought a minority stake in CPA in 2010 with the company’s management and founding shareholders, according to Intermediate’s website. CPA, based in Jersey, has offices across Europe, the United States and Asia, Cinven said. It offers corporations and law firms intellectual property-management services and software.

Intermediate, a London-based private-equity firm, rose as much as 9.7 percent in London trading after saying the sale will generate 387 million pounds for itself and the funds it advises. Of that, the firm will receive about 113 million pounds, realizing a 43 million-pound gain, it said in a statement.

Cinven is seeking about 430 million pounds of financing for its buyout of CPA Global, a person with knowledge of the transaction said previously. It hired HSBC Holdings Plc and JPMorgan Chase & Co. to arrange the funding, which includes 310 million pounds of senior loans and 120 million pounds of mezzanine debt, the person said.

Intermediate was up 6.7 percent to 267.6 pence as of 3:10 p.m. in London trading.

To contact the reporters on this story: Anne-Sylvaine Chassany in Paris at achassany@bloomberg.net; Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net