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Blackstone, TPG eyeing $1.7bn deal for US fund administrator Standish

Global buyout firms including Blackstone and TPG are said to be among a number of businesses working on rival bids to acquire US fund administrator Standish Management, in a deal that could value the company at up to $1.7bn, according to a report by Reuters.

Global buyout firms including Blackstone and TPG are said to be among a number of businesses working on rival bids to acquire US fund administrator Standish Management, in a deal that could value the company at up to $1.7bn, according to a report by Reuters.

The report cites unnamed sources as revealing Boston-based Standish has been working with advisers at Morgan Stanley to find a private equity backer, with both Blackstone and TPG reportedly reviewing whether to proceed with firm offers after an initial round of bids. 

Rival buyout firm Thomas H Lee Partners (THL) is said to be another company considering a potential bid for employee-controlled Standish, which provides outsourced accounting and reporting services to investment funds.

According to its website, Standish, which is led by CEO and chair Robert Raynard, oversees around $450 billion of client assets, with private capital as its core focus.

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