TPG Special Situations Partners Kensington Update - 1B (2295C)
January 15 2015 - 2:00AM
UK Regulatory
TIDMTTM TIDM48VT TIDMINVP
RNS Number : 2295C
TPG Special Situations Partners
15 January 2015
KENSINGTON UPDATE - 1B
Thursday, 15 January 2015
Funds managed and/or advised by Blackstone Tactical
Opportunities ("Blackstone") and by TPG Special Situations Partners
("TSSP") announce that, pursuant to:
(1) the announcement of 9 September 2014 regarding the agreement to acquire Kensington Group plc ("Kensington") and certain mortgage and financial assets (altogether, the "Transaction Group") from subsidiaries of Investec plc ("Investec"), and
(2) the Investec announcement of 19 December 2014 that the
required anti-trust and regulatory approvals for the sale of the
Transaction Group have been received and the sale is expected to
close on 30 January 2015,
Blackstone and TSSP intend that following completion of the
acquisition, Kensington, as part of its ongoing funding, issue
residential mortgage-backed transactions in the coming months,
subject to market conditions.
Further Information:
Kensington has been a leading player in the UK specialist
residential and buy-to-let mortgage market since its establishment
in 1994. Kensington was listed on the London Stock Exchange from
2000 until 2007.
Blackstone and TSSP are acquiring Kensington for an equity
purchase price of GBP180 million. More broadly, following
completion of the acquisition, Blackstone and TSSP plan to develop
Kensington's mortgage lending business and broader speciality
finance capabilities. They plan to maintain the business tangible
NAV at a minimum of GBP300 million (more than doubling Kensington's
existing equity capitalisation), and are appointing Ian Henderson
as Group Chief Executive (previously Chief Executive of leading
specialist bank Shawbrook) to lead that strategy.
For enquiries:
Blackstone
Andrew Dowler
+44 (0)20 7451 4275
TSSP
Charlie Harrison
+44 (0)20 3772 2579
About Blackstone
Blackstone is one of the world's leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with almost $300 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Blackstone also
provides various financial advisory services, including financial
and strategic advisory, restructuring and reorganization advisory
and fund placement services. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone's Tactical Opportunities business employs an
opportunistic, multi-asset class investment strategy focused on
special situations investments. Tactical Opportunities seeks to
invest globally in opportunities throughout the capital structure.
The strategy leverages the deep synergies and experience that exist
across Blackstone's leading alternative asset and advisory platform
to generate attractive opportunities.
About TPG Special Situations Partners
TPG Special Situations Partners ("TSSP") is the dedicated credit
and special situations platform of TPG, a leading global private
investment firm. TSSP manages over $10 billion and includes the TPG
Opportunities Partners, TPG Specialty Lending and TPG Institutional
Credit Partners platforms. TSSP has extensive experience with
global public and private investments executed through primary
originations, secondary market purchases and restructurings.
TPG is a leading global private investment firm founded in 1992
with $66 billion of assets under management and offices in San
Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing,
Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São
Paulo, Shanghai, Singapore and Tokyo. The firm's investments span a
variety of industries including financial services, travel and
entertainment, technology, energy, industrials, retail, consumer,
real estate, media and communications, and healthcare.
For more information visit www.tpg.com
DISCLAIMER
THE ABOVE ANNOUNCEMENT IS A COMMUNICATION TO THE MARKET. NOTHING
IN THIS ANNOUNCEMENT CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN
ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A
PROSPECTUS OR A PROSPECTUS EQUIVALENT DOCUMENT.
THIS ANNOUNCEMENT HAS BEEN DELIVERED TO YOU ON THE BASIS THAT
YOU ARE A PERSON INTO WHOSE POSSESSION THIS ANNOUNCEMENT MAY BE
LAWFULLY DELIVERED IN ACCORDANCE WITH THE LAWS OF THE JURISDICTION
IN WHICH YOU ARE LOCATED AND YOU MAY NOT, NOR ARE YOU AUTHORISED
TO, DELIVER THIS ANNOUNCEMENT TO ANY OTHER PERSON. THE DISTRIBUTION
OF THIS ANNOUNCEMENT IN JURISDICTIONS OTHER THAN THE UNITED KINGDOM
MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS INTO WHOSE
POSSESSION THIS ANNOUNCEMENT COMES SHOULD INFORM THEMSELVES ABOUT,
AND OBSERVE, SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THE
RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF
ANY SUCH JURISDICTION.
This information is provided by RNS
The company news service from the London Stock Exchange
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