A US private equity firm which previously invested in the likes of Airbnb, Burger King and Spotify has dropped out of the race to acquire a Warrington-headquartered developer of intelligent robotic process automation software after a near £1.1bn takeover deal was announced.
TPG Capital has said it no longer intends to make an offer to Blue Prism following the news yesterday.
However, the firm did say it reserves the right to re-enter the process if with the agreement of the board of directors of Blue Prism following a withdrawal or lapse of the offer by Bali Bidco or after the announcement of a firm intention to make an offer for the business by or on behalf of a new third party.
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It will also reconsider its position following the announcement by Blue Prism of a "whitewash" proposal or a reverse takeover.
A deal which values Blue Prism at £1.095bn has been agreed with Vista Equity Partners.
The firm is headquartered in the US and currently has stakes in UK companies such as Advanced, Allocate and Finastra.
As well as its bases in the UK, Blue Prism Group also has operations in the US, Europe, the Middle East and Asia.
Blue Prism has also confirmed it plans to separate the roles of chairman and chief executive and has started a search for a new CEO.
The company added that it received "multiple non-binding proposals" to be acquired over the last four months.
It is expected that the deal would complete towards the end of this year or in early 2022.
