Mannai surges after plan to sell Inetum at $2bn valuation

Mannai Corporation shares soared after the Qatari trading firm agreed to sell its stake in Inetum SA for an enterprise value of EUR1.85bn ($2bn) to a group of investors led by Bain Capital Private Equity.

The shares jumped 10 per cent in Doha to the highest level since 2016, taking their gains this year to 114 per cent. The benchmark Qatar Exchange Index fell 0.5 per cent on Monday.

Mannai said the sale of the French information technology services provider to the investor group, which also includes NB Renaissance and Inetum’s management team, could result in an equity value for Mannai in the range of EUR1.03bn to EUR1.06bn.

Mannai in 2016 acquired 51 per cent of Inetum, known at the time as GFI Informatique. It later bought out remaining shareholders and delisted the company from the Paris bourse.

Inetum offers systems integration, technology consulting, application engineering, outsourcing and software development services and is a top player in several European markets.

The Paris-based company has nearly 27,000 employees in 26 countries and generated EUR1.97bn of revenue in 2020, according to its website.