UK-based private equity firm CVC Capital Partners Ltd will shed 10% of itself, Bloomberg reported, quoting two people in the know.
The company plans to sell the stake to three sovereign-wealth funds – one in the Middle East and two in Asia, the people said, quoting a briefing of CVC Capital with investors. The insiders did not wish to be named as the talks were not public, Bloomberg said.
CVC Capital did not give an estimate of the value of the stake to be divested, the sources told Bloomberg.
The funds raised via the deal will be funnelled into investments and expansion of the company’s infrastructure and credit arms, according to the insiders.
CVC Capital was set up in 1981 and is headquartered in London. Formerly the private-equity business for Europe of Citicorp, which is now Citigroup Inc (NYSE:C), the company was acquired by its management in 1993.
The firm manages capital on behalf of around 300 institutional, governmental and private investors from across the globe. It has closed more than 250 company takeovers in Europe and North America as well as over 30 in the Asia Pacific region, which includes Greater China, Southeast Asia, Korea, Japan and Australia.CVC Capital currently has a workforce of around 250, who are located in Europe, Asia and the United States.