(Alliance News) - Caledonia Investments PLC has appointed investment bank Evercore Partners to oversee the sale of its boutique fund manager 7IM for around GBP400 million, Sky News reported on Thursday.
According to sources, the FTSE 250 listed investment trust is planning to launch an auction of 7IM in the autumn, although there the possibility that it could be delayed if market conditions remain unattractive.
In February, Sky News reported that Caledonia Investments had rejected a GBP300 million offer from asset manager Brooks Macdonald for the business.
Caledonia has owned 7IM for seven years, after acquiring the company in 2015 for GBP100 million.
https://news.sky.com/story/caledonia-prepares-400m-auction-of-investment-manager-7im-12635131
Shares in Caledonia Investments closed 3.9% lower at 3,625.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Caledonia (CLDN)