Aberdeen Asset Management has struck an agreement to buy SVG Capital’s remaining 49.9% stake in their joint venture vehicle Aberdeen SVG Private Equity for £29m.
Through the deal, SVG Capital will also get its share of dividends and capital distributions pre-closing, which are projected to fetch nearly £41m in total cash proceeds.
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In May 2013, Aberdeen Asset Management acquired a 50.1% stake in Aberdeen SVG Private Equity. The deal enabled SVG Capital to sell the remaining 49.9% of the business at a minimum price of £20m and a maximum price of £35m.
SVG Capital CEO Lynn Fordham said, "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."
Post completion of the latest deal, the investment management contract for SVG Capital will be transferred to an entity wholly owned by SVG Capital, with the SVG Capital investment and management team including SVG Capital CEO Lynn Fordham.
The deal, subject to regulatory notification and customary conditions, is scheduled to close in the second quarter of 2015.
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By GlobalData
