Graña y Montero, a leading engineering and construction company, announced that it has closed the sale of its stake in GMD, a subsidiary of the Group specialized in information technology and telecommunications, to Advent International, one of the largest and most experienced global private equity investors. Muñiz, Ramírez, Pérez-Taiman & Olaya acted as legal advisor of Graña y Montero.
Advent is acquiring the Group’s majority ownership stake in GMD for US$84.7 million, with an initial payment of US$37.3 million and subsequent payments subject to milestones agreed between the parties. The agreed price is equivalent to 8.2 times GMD’s 2016 EBITDA.
The Group decided to divest GMD after a thorough analysis of the future business strategy, which will focus on the areas of engineering and construction, infrastructure and real estate, where it has extensive experience.
GMD has been part of the Graña y Montero Group for more than 30 years. The company was founded in 1984, and has more than three decades of experience developing and successfully implementing IT solutions that generate value to the business processes of its clients. After years of competing with large multinationals, GMD has emerged as the leading Peruvian IT services firm.
Partners Mauricio Olaya and Juan Carlos Vélez were involved in this transaction.