Billionaire George Soros is set for a bumper £36million payday when data company Blancco Technology exits the London stock market.
The tech firm has accepted a takeover approach by US investment company Francisco Partners, in a deal worth £175million.
This means a windfall for Soros Fund Management, which is Blancco’s largest shareholder with a 21 per cent stake.
The asset manager was founded by the Hungarian-American in 1970 and he is chairman of the family office.
Blancco’s management has backed the takeover after Francisco Partners offered a 24.6 per cent premium compared to Tuesday’s closing price – tabling a deal worth 223p per share.
Tech deal: George Soros (pictured) is set to cash in after Blancco Technology accepted a takeover approach by US investment company Francisco Partners, in a deal worth £175m
Investors holding a total of 45.5 per cent of the firm have also thrown their weight behind the takeover.
The deal is another blow for the London stock market which has been raided by private equity and hedge funds since the pandemic.
The 92-year-old billionaire is best known as ‘the man who broke the Bank of England’ after his instrumental role in the currency crisis in September 1992, known as Black Wednesday.
He and his Quantum Fund made a $1billion profit after making massive bets against the British pound.
George Soros’ fund was also part of a consortium that swooped on bankrupt media company Vice this month, alongside private equity group Fortress Investment Group.
Matt Jones, chief executive officer of Blancco, said yesterday: ‘We are pleased to partner with Francisco Partners, who are committed to continuing to build upon Blancco’s strong foundation and achieve its full potential.’
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