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HgCapital to sell auto leasing firm Zenith to Bridgepoint for 750 mln stg: Reuters

London-based private equity firm HgCapital Trust Plc has agreed to sell Zenith, a British vehicle leasing business, to peer Bridgepoint in a deal valued at 750 million pounds ($942.08 million), its manager HgCapital said on Monday.

The sale delivers a 2.9 times investment multiple and a 46 percent gross internal rate of return over the investment period, HgCapital said in a statement.

On completion of the deal, the trust would realise cash proceeds of about 59 million pounds, an uplift of 15.4 million pounds, or about 35 percent, on the carrying value of the asset as at Nov. 30, 2016.

Headquartered in Leeds, Zenith has over 500 employees and operates a fleet of about 85,000 vehicles.