British private equity firm Oakley Capital has agreed to buy a majority stake in debt administration services firm Global Loan Agency Service (GLAS) in a 1 billion pound ($1.35 billion) deal, Sky News reported on Sunday.
Canadian pension fund La Caisse was co-investing in the deal alongside Oakley Capital, Sky News said citing banking sources.
The report added that the deal is expected to be announced as early as Monday.
Reuters reported in September last year that GLAS’s owner, U.S. buyout firm Levine Leichtman Capital Partners, is exploring selling its stake in the company, and were working with advisers to gauge interest in the London-headquartered business.
A sale of Levine’s stake could value GLAS at 1 billion pounds, Reuters had reported. The company has over $700 billion of assets under administration, according to its website.
Levine Leichtman acquired a strategic stake in GLAS in 2022 for an undisclosed sum, it said, without disclosing the size of its stake.
Oakley and La Caisse are acquiring their interest from Levine Leichtman, and Levine will also retain a small equity stake in GLAS, the report added.
Founded in 2011, GLAS provides administration services specifically for the debt market, covering private credit, leveraged finance, capital markets and bankruptcy.
Reuters could not immediately verify the Sky News report. Oakley declined to comment, while GLAS did not immediately respond to a request for comment.
Source: Reuters.com