HarbourVest makes £1.02bn final offer for SVG

The approach values SVG shares at 650 pence apiece, 14.7% above their closing price on 9 September and 23.1% above their average price over the preceding six-month period.

The acquirer has received an irrevocable agreement from a shareholder owning a 20% stake in SVG, as well as letters of intent from shareholders with a further combined stake of 22.7%.

In addition, HarbourVest has completed the acquisition of an 8.5% stake in SVG, meaning it would hold a 51.2% stake in the business, should the aforementioned offer be accepted.

A Debevoise & Plimpton team led by partner Katherine Ashton is advising HarbourVest on the proposed deal.

The SVG board issued a statement acknowledging the "unsolicited" offer and urging its shareholders "to take no action at this time as the company will publish its interim results on Tuesday 20 September."

HarbourVest is currently undertaking an extensive international expansion strategy, having opened offices in Toronto, Tel Aviv and Seoul since the beginning of 2015.

The latest development comes seven months after the firm acquired the Capital Access Fund group, the dedicated fund-of-funds arm of Bank of America Merrill Lynch. HarbourVest's purchase of Capital Access Fund formed part of its Horizon strategy, a scheme set up to target traditionally overlooked investment areas and managers.

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• HarbourVest
• SVG Capital