LONDON - Windward Ltd., a maritime analytics provider, is set to be acquired by Octopus UK Bidco Limited, a subsidiary of the investment firm FTV VIII, L.P., for approximately £216 million. The transaction, which will be carried out via a merger under Israeli Companies Law, was unanimously recommended by Windward's independent directors.
The acquisition values Windward's shares at 215 pence each, a significant premium over recent trading prices, including a 47% increase from the closing price on the latest practicable date, and a 39% increase from the IPO price in December 2021.
Windward's board sees the acquisition as an opportunity to leverage the company's position in maritime analytics and expand into broader supply chain analytics. The investment by FTV VIII, L.P. is expected to provide the necessary capital for Windward's strategic plan, allowing for accelerated growth and potential international expansion.
FTV VIII, L.P. has expressed confidence in Windward's management team and its potential for growth under private ownership. The firm plans to support Windward's development with access to its Global Partner Network® and M&A expertise.
The acquisition has garnered strong shareholder support, with irrevocable undertakings from directors and managers to vote in favor of the deal, representing approximately 15.84% of issued share capital. Additionally, certain Windward shareholders have pledged support, bringing the total to approximately 63.39%.
A general meeting will be convened to seek shareholder approval for the acquisition, with completion anticipated by the end of Q1 2025. The deal is not subject to the UK's Takeover Code, as Windward is governed by Israeli law.
Brad Bernstein, Managing Partner of FTV VIII, L.P., highlighted the growing need for maritime intelligence and supply chain visibility as global trade faces regulatory and logistical challenges. Ami Daniel, CEO of Windward, expressed excitement for the company's future, emphasizing the opportunity to expand their AI-driven maritime analytics platform.
This transaction is based on a press release statement and represents a pivotal moment for Windward Ltd. as it transitions to private ownership and seeks to capitalize on its early advancements in maritime analytics.
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