One $16 bln deal travels lonely dual track
09/10/2023 18:43
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Jonathan Guilford
NEW YORK, Oct 9 (Reuters Breakingviews) - Buyout shops
GTCR and Apax may be exploring both a sale and an IPO for
insurance broker AssuredPartners. Using two separate paths
typically aims to create competitive tension and lift
valuations. With equity, debt and M&A markets all cool, neither
option poses a plausible threat.
Full view will be published shortly.
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CONTEXT NEWS
Private equity firms GTCR and Apax Partners are exploring a sale
of insurance broker AssuredPartners, which could fetch a
valuation of $16 billion, Bloomberg reported on Sept. 26. The
owners are also weighing an initial public offering, according
to the report. GTCR bought a majority stake in the company in
2019, valuing it at $5.1 billion.
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Graphic: Sales and IPOs of private equity-backed companies have
slumped https://tmsnrt.rs/46FL9Av
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(Editing by Jeffrey Goldfarb, Sharon Lam and Aditya Sriwatsav)
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