Unquote

JC Flowers invests £50m in Kent Reliance

  • Gail Mwamba
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JC Flowers has reportedly sealed a £50m deal to buy 40% of UK building society Kent Reliance, as the US investor continues to expand its footprint in the European financial sector.

The deal will see the building society retain a 60% stake in the new holding, which will hold an estimated £2.2bn worth of assets. The transaction is set to be completed in 2011.

The deal comes as the investor reportedly mulls plans to back Irish EBS Building Society in a €350m capitalisation deal. JC Flowers is also understood to be working on a planned €450m convertible bond investment in Banca Cívica, a regional bank in Spain.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Gail Mwamba on +44 20 7 968 4505 or gail.mwamba@incisivemedia.com

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