Deals

Hg to Buy Stake in EQT’s $10 Billion Cloud Software Arm

TA Associates will sell part of stake in IFS and WorkWave
Private equity firms have been clamoring over SaaS providers

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By Jan-Henrik Foerster and Aaron Kirchfeld

March 30, 2022 at 8:31 AM EDT

Updated on

March 30, 2022 at 11:29 AM EDT

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Hg has agreed to buy a stake in a group of cloud software providers owned by EQT AB, in a deal valuing the operations at $10 billion.

Under the terms of the transaction, EQT will sell a large part of its holdings in IFS and WorkWave to Hg, the private equity firms said in a statement Wednesday that confirmed an earlier Bloomberg News report.