The US-based financial investment firm Silver Lake is investing in the German company Software AG. Silver Lake will subscribe to convertible bonds of the company for approximately 344 million euros, representing about 10 percent of the currently issued share capital, the MDAX-listed company announced on Monday evening, in a surprise move. The investment is part of a strategic partnership to accelerate the company's growth as part of the strategy initiated by CEO Sanjay Brahmawar, the company said.
The Bloomberg news agency had recently reported that Software AG was currently reviewing options on the capital market, including a sale. The partnership is also supported by the Software AG Foundation of company founder Peter Schnell, which is the largest shareholder in the Darmstadt-based company with a stake of over 30 percent.
The supervisory board will also be restructured for the partnership. Supervisory Board Chairman Karl-Heinz Streibich and Audit Committee Chairman Ralf Dieter will step down from their positions at the end of January. These will be taken over by Silver Lake manager Christian Lucas and Jim Whitehurst, who was formerly head of software manufacturer Red Hat. Lucas is to be elected chairman of the supervisory board. Software AG's stock lost 2.4 percent in after-hours trading on the Tradegate trading platform.
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