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In an effort to trump a £748m preliminary agreement SVG reached with rival suitors Goldman Sachs and CPPIB, HarbourVest has also offered to buy the London-listed private equity investor's entire portfolio, but for at least £783m.
As the drama over the London-listed private equity vehicle unfolds, PEI sizes up the dramatis personae.
The global investment manager is giving shareholders more time to consider its offer after SVG said it planned to sell its entire portfolio to Goldman Sachs and CPPIB for around £748m.
The London-listed private equity investor has agreed ‘in principle’ to sell all its assets for about £748m, setting aside an earlier deal with another group.
News the pair is offering to buy all of SVG comes barely a day after the London-listed private equity investor reached an agreement ‘in principle’ to sell half its portfolio to two other buyers.
The two firms have agreed to acquire 50 percent of SVG’s portfolio with just over a day and a half to go before shareholders must decide whether to accept a rival offer from HarbourVest.
The US-based private markets investment firm noted that SVG has missed its own deadline to update the market on talks with potential rival bidders.
The target of a £1bn unsolicited bid from HarbourVest, said it is in ‘detailed’ talks with the consortium just days before HarbourVest’s first close deadline.
The London-listed private equity investor has until 29 September under the City Code to publish its defence document in response to HarbourVest’s 650p-a-share bid.
The fund, run by HQ Capital, is expected to hold a first close in the autumn on around a quarter of its $400m target, according to sources.
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