Private markets group reaches ‘mutually agreeable resolution’ over French drugmaker Laboratoire XO
Ares Management is to hand back control of a French drugmaker it seized from the crisis-hit €1bn private equity fund that owns spyware maker NSO Group, paving the way for a sale that could return cash to investors.
The US private markets giant has reached a “mutually agreeable resolution” over Laboratoire XO with Berkeley Research Group, the US consultancy in charge of the €1bn fund, the pair told the Financial Times.
Ares took over LXO in May after refusing to extend a change-of-control waiver in relation to a €100mn loan it had made to the company through its credit business. That debt will be repaid with interest under the agreement.
Read more: FT
