TPG to buy GlobeOp for $800 mln

Private equity firm TPG Capital has sealed a 508 million pound ($802 million) takeover of hedge fund services company GlobeOp, writes Reuters. TPG is offering 435 pence-per-share for GlobeOp, representing a premium of around 22.5 percent to GlobeOp’s closing share price of 355 pence on Jan. 31.

Reuters – Private equity firm TPG Capital has sealed a 508 million pound ($802 million) takeover of hedge fund services company GlobeOp, saying the deal gave it an attractive opportunity to boost its presence in the fast-growing hedge fund industry.

TPG is offering 435 pence-per-share for GlobeOp, representing a premium of around 22.5 percent to GlobeOp’s closing share price of 355 pence on Jan. 31.

GlobeOp had said last month that it was in talks with TPG and private equity rival Advent International Corporation over a takeover, as the company carried out a strategic review to look into ways of boosting its share price and returns for investors.

“GlobeOp is a strong global financial services company with a high quality offering and a robust business model, which we plan to invest in and grow,” TPG partner Bryan Taylor said in a statement.

JP Morgan Cazenove advised TPG on the deal, while Evercore Partners advised GlobeOp.