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SVG Capital to Sell Investment Portfolio to HarbourVest for GBP 807m.

M2 EQUITYBITES-October 20, 2016-SVG Capital to Sell Investment Portfolio to HarbourVest for GBP 807m


20 October 2016 - UK-based private investment company SVG Capital (LSE: SVI) has signed an asset transfer deed for the sale of 100% of its investment portfolio to US-based private equity firm HarbourVest Structured Solutions III L.P. for approximately GBP 807m (USD 990.37m), the company said.

This represents a 0.6% premium to the GBP802 m value of the investment portfolio as at 31 July 2016.

Including the company's current net cash resources2, and net of all estimated costs, this equates to an approximate aggregate value per share of 715p4

The transaction is conditional on HarbourVest Bidco announcing that its final cash offer of 650p a share for the company has lapsed.

In September, HarbourVest Partners announced it had offered to acquire SVG Capital for GBP 1.015bn in cash.

Later that month, SVG Capital pushed back, saying in a statement that it had received approaches from, "a number of credible parties" that it believes may lead to an offer competing with HarbourVest's.

HarbourVest Partners is a private equity fund of funds and private equity investment manager. The firm invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies.

The firm was founded in 1982 as hancock Venture Partners, a subsidiary of John Hancock Insurance. HarbourVest has approximately 80 investment professionals globally and manages approximately $18 billion of investor commitments.

SVG Capital is a British private equity and investment management business. It is headquartered in London.

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Publication:M2 EquityBites (EQB)
Date:Oct 20, 2016
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