Searchlight Capital Partners has agreed a deal to buy British asset manager Gresham House for 469.8 million pounds ($614.9 million), the U.S.-based investment firm said.
Gresham House shareholders will receive 11.05 pounds cash for each share held, Searchlight said, representing a 62.5% premium to the stock’s last closing price.
The British company manages about 8 billion pounds of investments, focusing on sustainable assets, including forestry, renewable energy and battery storage, a Searchlight statement said.
Gresham House directors intend to recommend that shareholders vote in favour of the deal, Searchlight said, adding that it had received backing from investors holding 33% of the company’s shares.
Searchlight said the deal would enable Gresham House to expand overseas and potentially make further acquisitions.
If the deal goes ahead, Gresham House would be taken private by delisting from the AIM exchange after a period in which its shares underperformed management expectations, Searchlight said.
Source: Reuters.com