Pacific Current launches block trade of GCQ stake with UBS on ticket.
UBS was in the market on Thursday night, seeking buyers for Pacific Current Group’s 4 per cent shareholding in fund manager GQG Partners.The Swiss bank was calling for bids from institutions for Pacific Current’s entire shareholding – held through Northern Lights Midco LLC – of 119 million shares, according to terms sent to fundies.
The underwritten deal was structured as a variable priced bookbuild starting at $2.16 a share, equivalent to a 3.6 per cent discount to the last close of $2.24. The book was slated to shut at 8pm, with allocations expected before Friday’s opening bell.The block trade comes on the same day GQG handed down its February update, showing over 8 per cent growth in funds under management in February and net inflows for the first two months of the year of $US3 billion .
In July, Regal Partners lobbed a circa $555 million bid for Pacific Current Group. In response, GQG Partners said it would hit back with a counter bid and tabled a proposal in September.On November 16, Pacific Current Group had to tell shareholders that neither approach could be coaxed to the binding stage.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.
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