Ansarada Group said the Supreme Court of New South Wales has approved the proposed acquisition of Ansarada by DS Answer, an entity owned by funds managed by CapVest.
The acquisition will be executed through a scheme of arrangement, involving the purchase of 100% of Ansarada's shares.
Ansarada plans to lodge the court orders with the Australian Securities and Investments Commission on Aug. 28, making the scheme effective.
The company will also seek to have its shares suspended from trading on the ASX at the close of trading on Aug. 28.
"Approval of the scheme marks a significant milestone for Ansarada and its shareholders. We expect the scheme's implementation to occur on Sept. 6," stated Samuel Riley, Ansarada’s CEO and executive director.
Shareholders on record as of Aug. 30 will receive $2.50 cash for each share they hold.
The completion of the carve-out transaction, involving the sale of Ansarada's ESG, GRC, and Board products to an entity owned by Riley, is also set for the implementation date.
Ansarada Group is an ASX-listed provider of software as a service information governance solution.
The company provides provision of services across information governance, board management, risk and compliance, including business readiness and online deal rooms for customers via a business-to-business software-based platform.
At the time of reporting, Ansarada Group’s share price was $2.49.