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Laxman Pai, Opalesque Asia:

US private equity firm Searchlight Capital announced it has struck a $615m deal to buy UK alternative asset manager Gresham House.

In a market announcement, the boards of Gresham House and Seed Bidco, a newly incorporated entity formed by funds advised by Searchlight Capital Partners, said they have reached an agreement on a recommended final cash offer for Gresham House by Bidco.

'Searchlight is attracted by Gresham House's position as one of the UK's leading asset managers in sustainable alternative asset classes, which show strong investor interest and allocation,' the company told shareholders.

Gresham's board of directors said they intend to unanimously recommend the 'attractive' offer at the court and general meetings to come in due course. Gresham House actively manages GBP 8.00 billion in assets across the UK, Ireland, Australia, and New Zealand.

Anthony Townsend, Chairman of Gresham House, said: "Since the management buy-in in 2014, Gresham House has been transformed into a leading specialist alternative asset manager. Today's offer delivers shareholders a 4x return over this period. The Gresham House Board believes that it represents a compelling opportunity in the current challenging economic environment for shareholders to realize, with certainty, Gresham House's potential for long-term future value creation.

"The acquisition by Searchlight starts a new and exciting chapter for Gresham Hou......................

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