US hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga
The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize.
SVG Capital has agreed to sell its entire investment portfolio to HarbourVest – the US hedge fund which had launched a hostile takeover bid in September.
It had originally offered to pay 650p a share, but this sparked a bidding war for SVG which saw HarbourVest kicked back on a number of occasions.
What followed was a series of announcements from SVG that it had secured 680p and then 700p per share for the business after recommending a... read more