The private equity arm of Prudential has confirmed that the buyout from its parent should complete shortly.
PPM Capital has said that its discussions with M&G, the fund management arm of its parent Prudential, “are close to completion” and that a “transaction is expected to be completed in the fourth quarter” of this year.
PPM is also in the process of raising money for an independent fund. This should complete when its buyout is consummated. No sums were indicated. At present, PPM manages money on behalf of Prudential.
Neil MacDougall, managing director of PPM Capital, said: “We are continuing our discussions with M&G and are on track to announce a successful completion by the end of the year.”
This year PPM has sold allergy diagnostics business Phadia for US$1.65bn and bought German recruitment agency orizon for EUR 176.5m (US$242m).