(Alliance News) - BP Marsh & Partners PLC on Monday said it has completed the sale of its entire shareholding in Paladin Holdings Ltd.
In December, the London-based venture capital investor said it will sell its entire 44% shareholding in Paladin, the holding company of CBC UK Ltd.
On Monday, it said the sale is now complete. It has received GBP42.1 million for the disposal.
As well as the initial consideration on completion, BP Marsh will also be entitled to receive its proportion of any net working capital adjustment, expected to be finalised within three months of completion.
Group Finance Director Jon Newman commented: "This completed disposal is a further illustration of the success of the BP Marsh investment model that depends on our tried and tested experience and judgement as well as our strategy of wholly aligning our interests with those of management over the long term."
Shares in BP Marsh closed up 2.1% to 492.00 pence each in London on Monday.
By Sophie Rose, Alliance News senior reporter
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B.p Marsh (BPM)