Article
Inetum to Carve Out Iberian, LatAm Divisions; Assets Marketed Off EBITDA of €140M
French IT services provider Inetum is carving out its Iberian and LatAm divisions, sources told Octus.
The assets are being marketed off EBITDA of €140 million and generate €1 billion in full-year revenue, the sources said. Citi is the sell-side advisor, the sources added.
Information memoranda are due imminently and teasers have already been distributed, the sources said.
The Iberian and LatAm business are Inetum’s strongest divisions, having continued to grow while its core French and Belgian business has been contracting.
In the LTM period ended March 31, 2026, the Iberian and LatAm segment grew revenue 4.1% to €1.012 billion from €972 million a year earlier. Meanwhile total group revenue fell 4.4% to €2.153 billion from €2.253 billion over the same period, sources said.
Inetum’s first-quarter group revenue fell to €539 million from €562 million the same quarter prior year, while EBITDA declined to €24 million from €27 million over the same period. Revenue in the group’s core technologies segment, which accounted for 64% of first-quarter group revenue, fell 6.2% year over year during the first quarter. However, the group’s deal pipeline is building in France, which should convert into sales during the second quarter. Growth in its solutions business, which accounted for 34% of first-quarter group revenue, moderated to 1.3% year over year.
Net leverage based on €162 million pro forma adjusted LTM March EBITDA was 6.7x compared with 5.2x at the end of December.
Inetum is owned by sponsors Bain and NB Renaissance. The duo acquired Inetum from Qatar-based Mannai Corp. QPSC in 2022 for €1.6 billion, which it financed with €1.133 billion of debt and €568 million of equity.
Inetum’s capital structure as of March 31, 2026:
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03/31/2026
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EBITDA Multiple
|
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|---|---|---|---|---|
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(EUR in Millions)
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Amount
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Maturity
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Rate
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Book
|
|
|
||||
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€200M RCF
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–
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2028
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EURIBOR + 3.500%
|
|
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Term Loan A 1
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34.0
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Oct-2027
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|
|
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€1.099B Term Loan B
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898.0
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Oct-2028
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EURIBOR + 5.000%
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|
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Total Senior Secured Debt
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932.0
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5.8x
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||
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Securitisation on balance sheet 2
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71.0
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|
|
|
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Lease Liabilities
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79.0
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|
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|
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Other debt
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53.0
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Total Other Debt
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203.0
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7.0x
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Total Debt
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1,135.0
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7.0x
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Less: Cash and Equivalents
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(49.0)
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Net Debt
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1,086.0
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6.7x
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Operating Metrics
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LTM Revenue
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2,153.0
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LTM Reported EBITDA
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162.0
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|
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Liquidity
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||||
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RCF Commitments
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200.0
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Plus: Cash and Equivalents
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49.0
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Total Liquidity
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249.0
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Credit Metrics
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||||
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Gross Leverage
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7.0x
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Net Leverage
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6.7x
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Notes:
Capital structure is post-IFRS 16. Inetum was 6.7x net leveraged based on €162M LTM March pro forma adjusted EBITDA. 1. Inetum has an option to extend the maturity by one year to 2028. 2. Inetum raised a €350 million securitization facility with a three-year maturity for France and Spain in December |
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According to Octus’ CLO database, Inetum’s loans are held by the following managers. Click HERE to access the database.
| CLO Manager | Balance ⋮ | ||
| ▸ Blackstone Inc. | 1193 Holdings | 84 CLOs | 40,538.99 M |
| ▸ Carlyle Investment Management LLC | 916 Holdings | 71 CLOs | 34,233.33 M |
| ▸ CIFC Asset Management LLC | 886 Holdings | 64 CLOs | 29,452.05 M |
| ▸ UBS Asset Management | 653 Holdings | 62 CLOs | 27,132.08 M |
| ▸ Ares Management, LLC | 1133 Holdings | 57 CLOs | 26,669.64 M |
| ▸ Apollo Credit Management LLC | 1071 Holdings | 48 CLOs | 24,499.87 M |
| ▸ AGL CLO Credit Management LLC | 607 Holdings | 45 CLOs | 22,805.57 M |
| ▸ Neuberger Berman Fixed Income LLC | 752 Holdings | 49 CLOs | 22,745.93 M |
| ▸ Elmwood Asset Management LLC | 579 Holdings | 41 CLOs | 22,011.83 M |
To see the covenant analysis or to talk to one of our legal analysts, click HERE.
Bain declined to comment. Citi did not reply to Octus’ request for comment.
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