By Elena Vardon
Abrdn has agreed to sell its private-equity business headquartered in Europe to Patria Investments for up to 100 million pounds ($121 million).
The FTSE 100 investment company said the sale–which is expected to close in the second half of 2024–follows a strategic review into its Alternatives business which concluded that it could better use the funds from the selling some of its private equity businesses within its core investment businesses.
Nasdaq-listed Patria will pay GBP60 million in cash up front for the business, along with a deferred GBP20 million plus interest within the first two years following the transaction and GBP20 million more in cash subject to the business’s performance within three years of the deal’s completion, Abrdn said on Monday.
Abrdn said its European-headquartered private equity business had around GBP7.5 billion in assets under management on Sept. 30.
Write to Elena Vardon at elena.vardon@wsj.com
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