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Searchlight agrees £440.6m Gresham deal

US private equity investment firm Searchlight Capital has agreed to buy UK specialist asset manager Gresham House in an all-cash deal with an enterprise value of £440.6m, sending shares in the London-listed group up more than 50% on Monday.

US private equity investment firm Searchlight Capital has agreed to buy UK specialist asset manager Gresham House in an all-cash deal with an enterprise value of £440.6m, sending shares in the London-listed group up more than 50% on Monday.

Under the terms of the acquisition, which will be effected by means of a scheme of arrangement under Part 26 of the Companies Act, each Gresham House Shareholder will be receive £11.05 in cash, representing a 63% premium to the closing price of the company’s shares on Friday.

Gresham House is a specialist alternative asset management group which manages around £8bn, and focuses on sustainable investments across a range of strategies, with expertise across forestry, housing, sustainable infrastructure, renewable energy and battery storage, public and private equity.

“The acquisition by Searchlight starts a new and exciting chapter for Gresham House,” said Anthony Townsend, chair of Gresham House. “We are confident that Searchlight will accelerate our international and domestic growth strategy and their long-term capital and global expertise will support and enhance our investment teams’ ability to deliver returns to clients”.

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