The total cash consideration for Coller Capital’s majority stake is £332 million. This values the portfolio at approximately £480 million, which is a small premium to current book value. The Group held a competitive tender process before selecting Coller as its preferred bidder. The companies in the portfolio are UK headquartered trading businesses across a range of industry sectors.
Coller Capital has decided to retain the existing BOSIF management team. It will transfer under TUPE into a newly formed management vehicle responsible for the day-to-day management of the portfolio. This will ensure continuity of management of the business.
The transaction is subject to certain conditions including regulatory approval, certain anti-trust approvals, the transfer of the underlying investments to the joint venture and the TUPE transfer of the existing BOSIF management team to a newly formed management vehicle. It is expected to complete in the third quarter of 2010.
