(Alliance News) - HgCapital Trust PLC on Monday said Hg has agreed to a full realisation of its shareholding in Argus Media, a provider of intelligence to the global energy and commodity markets.
HgCapital Trust is a London-based investor that provides access to the private equity investments of London-based manager Hg.
The deal values HgCapital's stake in Argus at around GBP52 million, which would be a 7% uplift over the pro-forma carrying value of the asset back at the end of September. The transaction is expected to close next month, subject to regulatory approvals.
The company said its manager the deal paves the way for Argus Media's chief executive to become the majority owner of Argus.
Under the agreement, Adrian Binks, chair & chief executive of Argus, will become the majority owner of the company, while shareholder General Atlantic, which initially bought shares in 2016, will own a large minority of the company.
HGCapital shares rose 0.3% to 427.26 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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HgCapital Trust plc (HGT)