Infront ASA agreed to acquire vwd Group from The Carlyle Group to create one of the largest financial technology and market data providers in Europe. The strategic rationale for the merger is the highly complementary nature of their product portfolios: Infront provides world-class "Front-Office" trading and real-time data solutions, while vwd contributes deep expertise in "Mid and Back-Office" functions, including portfolio management, regulatory compliance, and advisory tools. This integration allows the combined entity to offer a complete end-to-end platform for private wealth management and institutional investing. The deal strengthens Infront's footprint in Germany, Switzerland, and Austria (DACH region), while vwd customers gain access to advanced global trading capabilities.

VEREINIGTE WIRTSCHAFTSDIENSTE VWD GROUP, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Financial Services sector (14.0x).

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