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Bailey McCann, Opalesque New York:
London and New York-based hedge fund administrator GlobeOp has been purchased by Texas-based buyout firm TPG. TPG will pay $800m for GlobeOp, financed through Credit Suisse. The purchase marks a shift for TPG into the hedge fund industry.
GlobeOp Financial Services was in talks with private equity firms Advent International Corporation and TPG over possible takeover offers earlier this month.
Established in 2000 and listed on the London Stock Exchange, GlobeOp administers more than 1,775 funds and has $173bn assets under administration. TPG has $48bn of capital under management.
According to MarketWatch, TPG is offering 50% above GlobeOp’s share price on January 5 when the firm made the offer. The terms of the deal include a 70% reinvestment by exiting management which will stay on to run the company. TPG is acquiring GlobeOp as part of a continued effort to increase its presence in the financial technology sector.
GlobeOp provides back-office fund administration services for hedge funds in the US and UK. The ...................... To view our full article Click here
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