CVC Capital Partners prepares bid for UK challenger bank Aldermore, Sky News reports
CVC Capital Partners prepares bid for UK challenger bank Aldermore, Sky News reports Aug 20 (Reuters) - Private equity firm CVC Capital Partners CVC.AS is preparing a bid for British challenger bank Aldermore, Sky News reported on Thursday, joining a growing field of suitors for the lender owned by South Africa's FirstRand FSRJ.J.
Here are some more details:
CVC has been laying the groundwork for a potential offer for months and is expected to submit a takeover proposal ahead of a September deadline, Sky News said.
FirstRand FSRJ.J said in April it would exit Aldermore after anticipated payouts tied to a UK motor finance mis-selling scandal forced it to raise provisions to £750 million.
Sky News, which had earlier named Lloyds Banking Group LLOY.L, Shawbrook SHAW.L and Metro Bank MTRO.L as potential bidders, said Metro Bank was now unlikely to make a bid.
CVC declined to comment. First Rand and Metro Bank did not immediately respond to requests for comment. Aldermore also did not respond.
Sky News also said advisers were expected to allow bidders to make separate offers for Aldermore's banking operations and MotoNovo, its motor finance arm.
(Reporting by Anushka Chourasia in Bengaluru; additional reporting by Krisha Bhatt; Editing by Tasim Zahid)