Oakley Capital's Grupo Primavera to combine with Cegid in $6.9 billion deal

-Private equity firm Oakley Capital said on Tuesday its Iberian software business, Grupo Primavera, would combine with French cloud firm Cegid in an all-stock deal that values the combined company at 6.8 billion euros ($6.90 billion).

Under the deal, a fund of London-based Oakley Capital would increase its stake in Grupo Primavera and roll over its equity into Cegid.

Oakley bought Spanish software firm Ekon in 2019 and later merged it with 11 acquired companies including Portuguese software company Primavera, creating the enlarged group.

The private equity firm said investment company Silver Lake will remain the majority shareholder of the combined firm and that it will join KKR and AltaOne as minority shareholders.

($1 = 0.9862 euros)