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Bloomberg
Bahrain-based alternative investor Investcorp Bank BSC agreed to buy the debt management arm of 3i Group Plc, more than doubling its assets under management.
Investcorp has agreed to pay $271 million for the business, the company said in a statement on Tuesday. The 3i unit will add $12 billion to the firm’s assets under management, bringing Investcorp’s total to about $23
billion, the company said.
The acquisition, Investcorp’s largest ever, will be fully funded through the company’s balance sheet, the company said. The firm is working to build its assets under management to $25 billion in the medium-term. The deal is expected to close in the first half of 2017, subject to regulatory approvals. 3i debt management funds invest primarily in senior secured corporate debt issued by mid-sized and large businesses in western Europe and the U.S.
Investcorp was advised by GreensLedge, Gibson, Dunn & Crutcher, Dechert and PricewaterhouseCoopers LLP.