Bridgepoint up on expansion in mid-market assets with $1 bln Energy Capital buy

Zovio

06/09/2023 11:41

** Shares of alternative asset fund manager Bridgepoint
 BPTB.L  up 4.9% at 183.6p, among top pct gainers across London
stocks
    ** BPTB will buy Energy Capital Partners for an initial 835
mln pounds ($1.05 bln), including debt, to boost its presence in
mid-market asset investing 
    ** The deal consideration includes 233 mln pounds in cash,
shares and awards in the combined co worth 423 mln pounds and
Energy Capital's existing debt of 179 mln pounds
    ** Deal is expected to be accretive to alternative asset
fund manager's profit from the day of closing
    ** Energy Capital Partners invests across energy transition,
electrification and de-carbonization infrastructure, including
power generation, renewables and storage
    ** Up to Tuesday's close, stock down ~4% YTD
     
($1 = 0.7962 pounds)

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))