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HgCapital to sell electronic trading firm Ullink to Itiviti: Reuters

Nov 28 (Reuters) – London-based private equity firm HgCapital Trust Plc has agreed to sell electronic trading and connectivity solutions provider Ullink to Sweden’s Itiviti, a company backed by Nordic Capital.

HgCapital said the deal was subject to French workers’ council consultations, and regulatory clearances. The terms of the transaction were not disclosed.

Hg, the manager of HgCapital Trust which invested in Ullink in 2014, will realise cash proceeds of about 24.3 million pounds ($32.38 million) once the deal completes, HgCapital said.

That is up 5.2 million pounds, or about 14 pence per share, on the carrying value of Ullink in HgCapital’s books as of Oct. 31.

Itiviti, a provider of trading software for banks and trading firms, said the combination would create a “world-leader in capital markets technology”.

Hg was helped by Credit Suisse, Skadden and Deloitte on the sale.