Cinven, the private equity firm, is close to wrapping up a takeover of True Potential, a wealth management platform which works with a fifth of Britain’s army of financial advisers.Sky News has learnt that Cinven was on Tuesday night on the verge of signing a deal to take a controlling stake in True Potential following months of on-off talks.
City sources said the takeover was likely to value the business at anywhere between £1.6bn and £2bn – crystallising huge windfalls for its top executives and shareholders. A public announcement could be made as early as Wednesday, according to insiders.
Even at the upper end of the that range, however, it would still fall short of the £2.5bn valuation which True Potential was understood to have been hoping to secure during discussions with rival bidders – including a special purpose acquisition company set up by Bernard Arnault, one of the world’s richest men.
Source: Sky News
By Mark Kleinman
