Mubasher: Investcorp Bank has signed a definitive agreement to sell PRO Unlimited, which provides software solutions and services, to Harvest Partners, according to a press release.
As per the deal agreement, Investcorp will re-invest in the company alongside Harvest Partners and continue to have a minority stake, with approximately $300 million to be returned to Investcorp’s clients, the statement noted.
Under the stewardship of Investcorp for two years and a half, the net revenues of PRO Unlimited grew by more than 40%, and almost doubled its earnings before interest, tax, depreciation and amortization (EBITDA), the statement added.
The deal is set to be completed by May 2017 subject to customary approvals.
