JC Flowers enters into exclusive ne

NIB Capital NV, its shareholders ABP and PGGM, and an international consortium led by JC Flowers & Co LLC have jointly announced exclusive discussions for the latter's acquisition of the Dutch bank. The parties expect to agree on a final share purchase price within weeks.It became clear that an acquisition was possible when NIB hired Goldman Sachs to advise on strategic options in November of last year. After months of speculation, including possible sales to GE Capital, Cerberus Capital Management, Rabobank and the one time favourite Fortis Bank, it was an ex-Goldman's banker Christopher Flowers who looks to have won the deal.Flowers set up JC Flowers, a New York-based buyout fund, in the late 1990s to invest in banks and insurance companies. It has in excess of $900m in commitments from investors, including ABN AMRO, AIG, GE Capital, Goldman Sachs, JP Morgan Chase, Banco Santander and AIG.

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