The Competition and Markets Authority (‘CMA’) has today approved the merger of Education Software Solutions (‘ESS’) with ParentPay (Holdings) Limited (‘ParentPay’).
ESS was acquired by Tiger UK Bidco Limited, a newly formed company established by funds advised by Montagu Private Equity (‘Montagu’) from Capita plc (Capita) on 2 February 2021, with the intention of merging the business with ParentPay once the CMA had given its approval.
As previously announced, as a result of this approval Montagu will pay Capita deferred consideration of £45m. Capita expects to receive this payment on or before 26 July 2021.
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