Private equity firm Apax Partners has withdrawn its proposed $792m acquisition of UK automotive services and software provider Pinewood Technologies, citing challenging market conditions, according to a report by Reuters.
The London-listed company, which provides a cloud-based platform for car dealerships and manufacturers, had seen its shares jump nearly 30% following Apax’s late January approach. Apax had indicated that a formal offer could be tabled by 26 February, but ultimately decided to s...
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