Merger of Education Software Solutions and ParentPay
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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