Private equity bets on oil exploration technology
IRJ – June 12 – Private equity firm Apax Partners and technology investment company JMI Equity have agreed to buy software group Paradigm for around $1 billion.
Paradigm, whose analytical technology is targeted at oil and gas explorers and producers, was last bought by US investment group Fox Paine for around $100 million in 2002.“Paradigm… is well-placed to benefit from strong tailwinds in the coming years as energy companies look to drill in more challenging locations,” said Apax senior partner Ian Jones.
Apax was advised by Bank of America Merrill Lynch and Simmons & Co; Paradigm was advised by Jefferies; and debt financing is being provided by UBS and Royal Bank of Canada.
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