On March 22, 2019, BlackRock announces that it has made a binding offer and entered into an exclusive agreement, subject to the conditions below, to acquire 100% of the equity interests in eFront, the world’s leading end-to-end alternative investment management software and solutions provider, from private equity firm Bridgepoint and eFront employees, for $1.3 billion (€1.15 billion) in cash.
The combination of eFront with Aladdin, BlackRock’s investment operating platform used by more than 225 institutions around the world, will set a new standard in investment and risk management technology.
eFront, which serves more than 700 clients in 48 countries, is a comprehensive technology solution for managing the alternatives investment lifecycle, from due diligence and portfolio planning to performance and risk analysis, across a range of alternative asset classes.
Following completion of the notification and consultation process with eFront’s employee-works council, as required by law, BlackRock and eFront’s shareholders are expected to enter into a definitive securities sale agreement contemplated by the exclusive agreement. Closing of the transaction would be subject to entry into the definitive securities sale agreement and satisfaction of the conditions set forth therein.
Latham & Watkins advises Bridgepoint in the transaction with a team led by Olivier du Mottay partner, assisted by Simon Lange, Ketzia Chetrite and Alexandre Magnier on corporate aspects.
Olivia Rauch-Ravisé, partner, and Yann Auregan advise on tax aspects, Frédéric Pradelles, partner, and Laure Maes advise on antitrust aspects. Lionel Dechmann and Olivier Stefanelli advise on financing aspects and, Romain Nairi advises on employment aspects of the transaction.
Simmons & Simmons advises Blackrock in the transaction, with a team led by Christian Taylor et Simonetta Giordano (partners), assisted by Anna Velitchkova, Thomas Helman and Alexandre Vernisse on corporate aspects. Christophe Fichet (partner) assisted by Anne Baudequin and Adrien Morisse advise on IT aspects, Laurence Renard (partner) assisted by Julia Gori and Sophie Finel on employment aspects, Ombline Ancelin (partner) assisted by Florent Barbu and Julie Catherine advise on the antitrust aspects, Romain Viret (of counsel) assisted by Hélène Choquet advise on the IP aspects, Aurélien Jugand (of counsel) advises on financing aspects, Chloë Nessim (partner) and Adrien Gros advise on tax aspects, Emilien Bernard-Alzias and Stéphanie Zribi advise on regulatory aspects.