LONDON: Wilmington plc (LSE: WIL), a provider of data, information, education and training services in global Governance, Risk and Compliance (GRC) markets, said on Tuesday it has agreed to acquire Spanish RegTech firm Professional Group Conversia, S.L.U. for €121.6 million ($132 million), subject to foreign investment clearance.
The deal, funded through a mix of existing cash and new debt facilities, marks Wilmington’s entry into Spain’s fast-growing Data Privacy sector and is expected to be earnings accretive in its first full year.
Conversia, based in Barcelona, generated €36.6 million in revenue and €9.3 million in EBITDA in the year to June 30, 2025. The company operates a subscription-based model with over 70% recurring revenue and serves a target market of 3.2 million SMEs and homeowner associations.
“This earnings enhancing acquisition will extend our reach in the GRC markets and opens up a new horizontal for us in the regulated Data Privacy sector,” Wilmington CEO Mark Milner said in a statement.
Conversia’s management team, led by Director General Alfonso Corral, will remain with the business for at least five years. Corral said the deal would accelerate growth and strengthen client relationships.
Wilmington will pay €121.6 million in cash, comprising £35 million from existing resources and £70 million from new debt facilities. The company’s debt leverage ratio is expected to be around 2x at completion, falling below that within a year.
The acquisition is subject to Foreign Direct Investment clearance in Spain, expected within eight to twelve weeks.
Wilmington said the move aligns with its strategy to grow high-quality revenues and expand its GRC portfolio through targeted acquisitions.