IQGeo Group PLC (GB:IQG) has released an update.
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IQGeo Group PLC has been targeted for a cash acquisition by Geologist Bidco Limited, a company backed by private equity firm KKR. The acquisition process, structured as a court-sanctioned scheme of arrangement, follows a letter of intent by Charles Stanley & Co Ltd, which has since reduced its shareholding in IQGeo. Despite recent share sales by Charles Stanley, it retains a 7.53% stake in IQGeo, with overall support for the deal representing approximately 55.81% of IQGeo’s issued share capital as of the latest announcement.
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