Profitable disposal of Exozet

German Startups Group 19 December 2019 Update
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On 17 December, German Startups Group (GSG) announced that it has sold its 50.8% stake in the digital agency Exozet to Endava, a US-listed technology service provider headquartered in London. GSG will receive c €11.2m in gross cash proceeds (€10.8m after deducting M&A commissions), translating into a disposal gain of around €6.1m (or €0.54 per share). The gain represents c 40% of GSG’s market capitalisation calculated on the closing price of €1.46 on 16 December. GSG had been considering the sale of Exozet for some time and has now achieved an exit price ahead of its initial assumptions.

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