Petershill Partners PLC on Wednesday said that it has completed the sale of its entire stake in LMR Partners LLP back to the firm’s leadership team.
Petershill Partners is a London-based investment group focussed on private equity and other private capital strategies. LMR Partners is an investment manager.
The total nominal consideration is for up to $258 million.
This consists of an $107 million upfront payment in cash, paid at close, a deferred consideration of $111 million, and an earn-out payment of up to $40 million in cash.
The accounting fair value of the sale is expected to be marginally above the carrying value of Petershill’s investment in LMR Partners at December 31 last year, which was $195 million.
‘This transaction is consistent with our strategy and further refines Petershill Partners’ focus on private market strategies, an area where we continue to see attractive growth opportunities. We would like to thank the entire LMR Partners team for the exceptional collaboration since we became partners in 2018. We wish the team all the best and continued success for the future,’ said Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of the Petershill Business within Goldman Sachs Asset & Wealth Management.
Shares in Petershill Partners were trading 1.6% higher at 219.50 pence each on Wednesday afternoon.
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