CHARLES TAYLOR ACQUIRES FADATA STAKE FOR €5.1M

Charles Taylor and private equity firm Riverside have jointly agreed to acquire a majority stake in insurance software solutions provider Fadata. The deal is Charles Taylor’s first transaction since its rights deal in March. Under the terms of the deal, Charles Taylor will acquire a 31.25% share of REF Wisdom Ltd, a newly created holding company, with Riverside acquiring a 68.75% majority share. REF Wisdom Limited will own an 80% equity share of REF Wisdom 2 Limited which in turn will own 100% of the equity of Fadata. The remaining 20% of REF Wisdom 2 Limited will be owned by the management of Fadata. Charles Taylor's investment in REF Wisdom Limited is €5.1m, and will be met from existing cash resources. On completion, the gross and net assets of REF Wisdom Limited will be €16.1m. The deal is expected to complete by October 2015. David Marock, group chief executive at Charles Taylor, said: "A sizeable proportion of Charles Taylor's business is already dedicated to providing insurance technology solutions. This joint venture will enable us, working closely with Fadata, to accelerate both Fadata's and our growth in the global technology market."