Amadeus portfolio company to merge with Illumina

Amadeus portfolio company Solexa will merge with Illumina in a deal worth $600 million (€469).

Solexa, a portfolio company of European technology venture capital firm Amadeus, will merge with Illumina, a US genetic technology business. Illumina will acquire all Solexa shares in a stock-for-stock transaction. 

Illumina: genetic technology

Solexa stockholders will receive shares of Illumina common stock valued at $14 (€11) per Solexa share, valuing the company at $600 million. 

Amadeus first backed Solexa in 2001.  At the time of the agreement Amadeus was Solexa’s largest single shareholder with a 12.5 percent holding.

Illumina develops and markets tools for the large-scale analysis of genetic variation and function.

This merger follows Amadeus’ closing of its £10 million Amadeus and Angels Seed fund, a co-investment fund for use alongside Amadeus’ institutional funds, earlier this month.