Apax Global Alpha Limited (AGA) has announced that Thoughtworks, a company in which it holds a stake through the Apax IX Fund, will be taken private by Apax Funds for $4.40 per share. This acquisition values Thoughtworks at approximately $1.75 billion and represents a significant increase of about 55% over AGA's last unaffected valuation.

The transaction is expected to enhance AGA's Adjusted Net Asset Value by around €9 million, or €0.02 per share, as of June 30, 2024. These figures reflect AGA's indirect investment in Thoughtworks through Apax IX and do not account for any closing adjustments or fees. The deal is anticipated to close in the fourth quarter of 2024, pending standard closing conditions.

Founded in 1993, Thoughtworks is a global technology consultancy that focuses on integrating strategy, design, and engineering to foster digital innovation. Apax IX acquired a majority stake in the company in 2017, leveraging its expertise in digital transformation. Following a successful IPO in September 2021, Apax IX partially exited its investment, having significantly increased Thoughtworks' EBITDA and margin during its ownership.

AGA, listed on the London Stock Exchange, offers investors access to a diversified portfolio of private equity funds managed by Apax Partners, along with a smaller selection of debt investments. In 2016, AGA committed approximately $350 million to Apax IX.

Further updates regarding the transaction will be provided in due course, with AGA scheduled to report its H1 2024 results on September 5.