Vigorous challenge is vowed as private lender takes over French pharma group Laboratoire XO
Ares Management has seized control of French pharmaceutical group Laboratoire XO, the crown jewel of the beleaguered €1bn private equity fund behind spyware maker NSO Group, in a blow to investors’ hopes of recovering their cash.
The credit business of US private lending giant Ares had advanced about €100mn to LXO. It took control of the company on Friday after refusing to extend a change-of-control waiver in relation to the loan, two people with knowledge of the matter said.
These investors include Abu Dhabi’s Mubadala Capital, Oregon’s public employee retirement system, Alaska’s $81bn permanent fund, two Yorkshire local government pension schemes and the pension fund of Centrica, parent company of British Gas.
Read more: FT
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