12th Dec 2016 17:10
LONDON (Alliance News) - Private equity investor SVG Capital PLC on Monday said the first closing of the sale of its investment portfolio to HarbourVest Structured Solutions III LP has taken place, generating proceeds of GBP523.2 million.
In October, SVG agreed to sell its investment portfolio for approximately GBP807 million to US private equity fund HarbourVest.
In addition, last month SVG proposed a series of tender offers of up to GBP350 million, priced at 715 pence per share, intending to return up to GBP1.05 billion. This is part of an expected return of GBP1.2 billion from the full winding-down of the company.
On Monday, SVG said further closings are expected to take place by December 31 and that all conditions to the closing of the tender offer have now been satisfied.
Shares in SVG closed down 0.5% at 709.00 pence on Monday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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