CVC Is Interested in Buying Mubadala-Backed Fortress - Bloomberg
CVC Capital Partners is interested in acquiring Fortress Investment Group, according to people with knowledge of the matter, as it seeks to expand in private credit.
The European private equity firm has held talks with Fortress and majority owner Abu Dhabi sovereign wealth fund Mubadala Investment Co., but the discussions aren’t currently active, said some of the people, all of whom asked not to be identified discussing confidential information.
CVC discussed options including buying control, with existing shareholders like Mubadala keeping a stake in the combined entity, the people said. Fortress, which has about $49 billion in assets under management, is owned by Mubadala and over 150 Fortress staffers, who collectively hold a 32% stake in the firm.
While CVC remains interested in a transaction, it is unclear whether negotiations will be revived, some of the people said. The potential valuation of Fortress in any deal is a key sticking point, one of the people said. Fortress was valued at more than $2 billion when Mubadala acquired its stake, Bloomberg News has reported.
Representatives for CVC, Fortress and Mubadala declined to comment.
CVC, which listed on the Euronext Amsterdam in April, has explored acquisitions to give it exposure to US private credit. It held on-and-off talks with HPS Investment Partners, Bloomberg has reported, before HPS agreed to a takeover by BlackRock Inc.
Private credit has driven consolidation in the alternative asset management industry, with France’s Wendel agreeing to acquire a majority stake in Monroe Capital, and Italian insurer Assicurazioni Generali SpA agreeing to buy control of New York-based credit investment firm MGG Investment Group.
No comments:
Post a Comment