Advent and TPG looking to delist GlobeOp

According to unquote's sister title Hedge Funds Review, GlobeOp's board of directors has confirmed the firm is in talks with Advent and TPG.

The company has hired investment banking advisory firm Evercore Partners and appointed an independent committee to address the discussions. No bids have been made public to date.

Shares have climbed quickly in response to the news, the GlobeOp share price surged by 35% to just below 400p last Friday. This remains below the 447p 12-month high recorded in March 2011.

The GlobeOp board considers the firm's $310m market capitalisation, based on the share price prior to last Friday's speculative arbitrage, a "significant undervaluation" of the company.

GlobeOp, founded in 2000 and listed on the LSE since 2007, provides business process outsourcing, financial technology services and analytics to hedge funds. Headquartered in London and New York, it employs 2,000 staff in the UK, the US, Ireland and India and has around $173bn assets under administration.

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• Topics
• UK / Ireland
• United Kingdom
• Advent International
• TPG Capital