27th Mar 2015 09:33
LONDON (Alliance News) - FTSE 250-listed private equity investor SVG Capital PLC on Friday said it has signed a deal to sell its 49.9% stake in Aberdeen SVG Private Equity to partner Aberdeen Asset Management PLC.
Following completion of the deal, which is subject to regulatory approval, the investment management contract for SVG Capital will be transferred to an entity owned by SVG Capital.
SVG will receive GBP29 million for the stake and will receive its share of dividends and capital distributions pre-closing of the deal, which are expected to push the total cash proceeds of the deal to around GBP41 million.
"This agreement completes the process we started with Aberdeen in 2013. The sale crystallises value for our shareholders and aligns the management team wholly with SVG Capital shareholders as we grow our portfolio of fund and co-investments," said SVG Capital Chief Executive Officer Lynn Fordham.
SVG shares were up 0.1% to 500.00 pence on Friday, while Aberdeen Asset Management shares were down 0.2% to 469.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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