Active Stocks
Thu May 30 2024 15:52:28
  1. Tata Steel share price
  2. 164.20 -5.74%
  1. NTPC share price
  2. 360.00 -1.26%
  1. Tata Motors share price
  2. 924.15 -2.07%
  1. State Bank Of India share price
  2. 826.05 0.38%
  1. Wipro share price
  2. 436.95 -3.09%
Business News/ News / Allfunds Abandons Discussions About Potential Sale
BackBack

Allfunds Abandons Discussions About Potential Sale

Allfunds Group Plc has abandoned discussions over a potential sale of the European fund distribution platform, people with knowledge of the matter said.

Allfunds Abandons Discussions About Potential SalePremium
Allfunds Abandons Discussions About Potential Sale

(Bloomberg) -- Allfunds Group Plc has abandoned discussions over a potential sale of the European fund distribution platform, people with knowledge of the matter said.

Amsterdam-listed Allfunds received multiple expressions of interest about a deal but its board decided not to proceed with a sale, according to the people, who asked not to be identified discussing confidential information. 

Allfunds opted to shelve the process after the offers it received didn’t fully reflect its growth prospects, they said. On Tuesday, Allfunds announced in a trading update that net revenue for the first quarter had increased 18% year-on-year to €153 million ($164 million).

Bloomberg News reported in November that Allfunds had started gauging takeover interest from private equity firms including Cinven, CVC Capital Partners and Permira. Investment firm Motive Partners also was among those considering a bid.

Allfunds is roughly 49% owned by private equity firm Hellman & Friedman and French lender BNP Paribas SA. Hellman & Friedman is supportive of the decision by Allfunds to call off a potential sale, the people said. 

Representatives for Allfunds and Hellman & Friedman declined to comment, while a spokesperson for BNP Paribas didn’t immediately respond to request for comment. Shares in Allfunds are up 16% over the last 12 months, giving the company a market value of €4.2 billion. The company’s market value topped €11 billion in early 2022.

Allfunds provides fund managers and distributors with systems for dealing and execution, data analytics and compliance services. The company’s software allows clients to screen and trade different investment funds through a centralized platform, as well as providing fund houses with reporting tools to track assets and fund flows.

In its trading update, Allfunds said assets under administration had increased 4% since December to about €1.4 trillion.

(Updates with detail on Allfunds 1Q trading update from third paragraph.)

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Apr 2024, 01:16 AM IST
Next Story footLogo
Recommended For You