Abu Dhabi Investment Authority has agreed to invest in TMF Group, the corporate-trust services provider owned by CVC Capital Partners that had been exploring an initial public offering.
TMF provides services including bookkeeping, payroll, fund administration and compliance to multinational corporations and financial institutions. CVC agreed to buy the company in 2017 for a total consideration of 1.75 billion euros ($1.78 billion). TMF expects to post double-digit revenue growth this year, the people said.
CVC in 2021 attempted to take over Dutch tax administration specialist Intertrust NV and merge it with TMF in a deal that would have created a global giant in tax administration and corporate trust services. It lost out to rival bidder CSC, a US provider of compliance and legal services.
Read more: BNN Bloomberg
