+++ Press release +++
SGT German Private Equity receives CFIUS approval for SGT Capital’s acquisition of Utimaco
Frankfurt/Main, 26 November 2021 – SGT German Private Equity in Frankfurt (SGF), a listed private equity asset manager, announces that the Committee on Foreign Investment in the United States (CFIUS) has completed its thorough review of the transaction in Utimaco including SGT Capital and its principals, and granted approval. This and other regulatory approvals are required to close the acquisition of Utimaco, which was signed in August 2021.
Utimaco is a global leader in high-end cybersecurity software with headquarters in Aachen, Germany, and Campbell, California, and considered by the US and German governments to have national security implications, as such requiring CFIUS approval. The CFIUS process included participation of the US Department of Homeland Security and review the proposed transaction, as well as SGT Capital and it’s principals.
The closing of the transaction remains subject to the approval of the Bundesministerium für Wirtschaft und Energie. If this approval was not granted before year end, it would become subject to an approval of UK authorities as well, because of the Brexit and an exemption from such approval requirement ending on 31.12.21.
The transaction is expected to close shortly after all necessary approvals have been granted. The equity invested in Utimaco in the three-digit million euro range will be managed by SGT Capital Pte. Ltd. (SGTPTE), a wholly owned subsidiary of SGF.
Despite of the first close of its new Private Equity Fund, SGT Capital Fund II, having been linked to the closing of the Utimaco transaction and hence delaying a bit, the management of SGTPTE expects SGTPTE to be profitable already in 2021. The asset management business model of SGT German Private Equity is not affected by the Covid-19 pandemic.
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About SGT German Private Equity
SGT German Private Equity is a Germany-based listed private equity asset manager with registered office in Frankfurt/Main. Its 100% subsidiary SGT Capital Pte. Ltd. is a global alternative investment and private equity asset manager headquartered in Singapore.
For its new, sector-agnostic private equity fund SGT Capital Fund II with a geographical focus on Europe and North America and a fund lifetime of ten years, SGT is aiming for a target fundraising volume of 1 to 3 billion USD. The management team has many years of senior experience at renowned addresses – global private equity houses, management consultancies and investment banks.
From its origin as a leading German venture capital provider under the German Startups Group brand SGT German Private Equity also holds a heritage portfolio of minority stakes in some promising German Startups.