The German Private Equity team advised Summit Partners on the sale of its shares in Appway AG to FNZ, a global wealth management platform. The sale is part of the 100% acquisition of Appway by FNZ. The transaction is expected to close in January 2022. Terms of the agreement were not disclosed.
Summit was founded in 1984 and is a global alternative investment firm that is currently managing more than USD 42 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales.
For additional details on the transaction, please read the press release.