BLUE acquired by LEGAL & GENERAL L&G & BPIFRANCE
Context
The acquisition of Blue by Legal & General Asset Management (L&G) represents a significant entry into the French sovereign cloud market for the British institutional manager’s digital infrastructure fund, LDIF. This transaction marks the conclusion of a highly successful holding period for Quilvest Capital Partners, who served as the lead sponsor since 2020. During this period, Blue nearly tripled its revenue, reaching 55 million EUR in 2025, supported by three strategic build-ups: Oceanis, ADMI, and Openhost. The deal structure involves a majority stake acquisition by L&G alongside the founder and CEO, Nicolas Boittin, while Bpifrance continues its long-term support as a minority shareholder. The transaction was negotiated on a bilateral basis following an unsolicited offer from L&G, with the financing package utilizing a portable senior debt facility refinanced in mid-2025. Strategically, the investment aims to capitalize on Blue’s established multi-regional footprint and its transition into a comprehensive MSP with deep expertise in cybersecurity and private networking.
BLUE, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
Blue is a leading sovereign cloud operator and Managed Service Provider (MSP) based in Western France, specializing in high-assurance digital infrastructure for the B2B segment. The company operates two proprietary datacenters and provides an integrated "one-stop-shop" suite of digital services, including private network connectivity, cloud hosting, workplace management, and advanced cybersecurity solutions. Originally founded as Bretagne Télécoms, the firm has undergone a significant industrial transformation, evolving from a regional connectivity provider into a diversified digital services platform through a combination of organic innovation and strategic build-ups. Its business model is centered on the provision of secure, locally hosted infrastructure that meets the stringent data sovereignty requirements of French enterprises and public institutions.
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2026 | CINVEN | ONGOING WAREHOUSE | SWEDEN | Infrastructure & Cloud |
| 05/2026 | IREN | NOSTRUM GROUP | SPAIN | Hosting / Datacenter |
| 04/2026 | PROJECT INFORMATICA | SISTEMI HS | ITALY | Consulting & Integration |
| 04/2026 | AGENCE DES PARTICIPATIONS DE L'ETAT (APE) | ATOS ADVANCED COMPUTING | FRANCE | Data & AI Consulting |
| 04/2026 | VECTION TECHNOLOGIES | DXLABS | AUSTRALIA | Custom Dev |
| 04/2026 | NORDLO | NETHOUSE | SWEDEN | MSP (Managed Services) |
| 04/2026 | NORD HOLDING | VISIONMAXX GROUP | GERMANY | MSP (Managed Services) |
| 04/2026 | TRUESEC GROUP | SUBSET | SWEDEN | Cybersecurity Services |
| 03/2026 | SPYROSOFT | MD CONSULTING UND INFORMATIONSDIENSTE | GERMANY | Custom Dev |
| 02/2026 | ISAI | FLEET | FRANCE | IT Services |
REFERENCES
Revenue range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: blue
Acquirer: legal & general l&g / bpifrance