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 LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (13.4x).

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