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HGT sells Eucon to VHV
Posted on Friday, 06 November 2020 12:05
HgCapital Trust (HGT) is selling Eucon to VHV Group for an undisclosed sum following a competitive bidding process.
The German insurer is to acquire more than 75.0 per cent of the Münster-based data and process intelligence provider.
Eucon is billed as one of the world’s leading providers of best-in-class market information and statistics-based systems for efficient product management in the automotive aftermarket.
Customers include car manufacturers and suppliers, as well as a variety of workshop chains.
For insurers, Eucon digitalises claims management and is touted as one of the sector leaders for digital software for data and document processing.
In addition, the company offers similar options for the real estate industry for efficient and transparent invoice administration.
Eucon will remain as an independent entity headquartered in Münster and will continue to be headed by the current leadership team.
Uwe Reuter, chief executive of VHV, said the deal provides a “meaningful entry into a new, forward-looking field of expertise in data management and digital processing and an important step in our digitalisation strategy”.
The Hanover-based group of companies has around 3,200 employees at various locations, serves some 4.70 million customers and has annual gross premium revenue earned of EUR 3.24 billion.
HGT noted the transaction values its investment in Eucon at GBP 11.50 million.
It added this represents an uplift of GBP 3.90 million (51.0 per cent or 1.00 pence per share) over the carrying value of GBP 7.60 million in its net asset value as at 31st August 2020.
These figures only relate to HGT’s share of the overall investment in Eucon of HG, which is the trust’s manager.
Zephyr, the M&A database published by Bureau van Dijk, shows 3,067 deals targeting companies based in Germany have been announced in 2020 to date.
© Zephus Ltd