PSI Software SE Announces Delisting Plan with Zest Bidco GmbH

PSI Software SE (ISIN DE000A0Z1JH9, ticker PSAN) and its majority shareholder, Zest Bidco GmbH, have formally entered into a delisting agreement that will culminate in a public delisting acquisition offer. The announcement was disclosed on 8 September 2026 and is governed by the German Securities Acquisition and Takeover Act (WpÜG) and the Stock Exchange Act (BörsG).

Key Elements of the Agreement

  • Delisting Offer: Zest Bidco GmbH, a holding company controlled by investment funds managed by Warburg Pincus LLC, has committed to submit an offer to acquire all remaining shares of PSI Software SE, thereby taking the company off the Xetra exchange.
  • Public Acquisition Offer: The bid will be open to all shareholders, allowing them to either sell their holdings at the announced price or retain them until the delisting is completed.
  • Regulatory Compliance: The proposal complies with § 10 Abs. 1 and 3 of the WpÜG and § 39 Abs. 2 Satz 2 Nr. 1 of the BörsG, ensuring transparency and protection for minority shareholders.

Strategic Rationale

PSI Software SE, headquartered in Berlin, specializes in bespoke software solutions for energy, production, and infrastructure sectors. The decision to delist follows a broader trend of consolidation within the software industry, where larger, well-capitalised entities seek to acquire niche providers with strong client bases and technical expertise. By exiting the public market, PSI aims to:

  • Accelerate Decision‑Making: Freed from the pressures of quarterly reporting and market volatility, the company can focus on long‑term product development and customer expansion.
  • Enhance Capital Structure: A private ownership model allows for more flexible financing arrangements, potentially accelerating investment in new technologies and geographic markets.
  • Streamline Operations: Integration with Zest Bidco’s portfolio could unlock synergies in sales, support, and research & development, creating a more competitive platform in the global software arena.

Financial Snapshot

  • Market Capitalisation: €726 million (as of 6 September 2026)
  • Close Price (6 Sept 2026): €45
  • 52‑Week High: €47.40 (5 July 2026)
  • 52‑Week Low: €24.00 (7 Oct 2025)
  • Price‑to‑Earnings Ratio: –17.57 (negative earnings indicate a valuation driven by growth prospects rather than current profitability)

Implications for Shareholders

Shareholders will receive a formal offer detailing the purchase price per share, the timeline for the transaction, and the conditions under which they may opt to sell. The offer is structured to ensure an equitable outcome for all parties, with safeguards that protect minority interests in line with German takeover regulations.

Outlook

The delisting agreement positions PSI Software SE to leverage Zest Bidco’s investment capacity and strategic network. Once the acquisition is finalized, the company will be better positioned to scale its custom software solutions across utilities, manufacturing, and infrastructure markets worldwide. Analysts anticipate that the removal from the public market will reduce regulatory overhead and enable more agile product innovation, potentially driving stronger long‑term value for the underlying business.

For further details, stakeholders are encouraged to review the official press releases issued by PSI Software SE and Zest Bidco GmbH, as well as the accompanying disclosure documents available through the German securities authorities.