Goldman and CPPIB field £748m bid for 100% of SVG

The board's announcement comes within 48 hours of it recommending SVG shareholders accept a £379m bid for 50% of SVG by Pomona Capital and Pantheon ventures, which would see the remaining half of SVG's assets and the company wound down after.

SVG said in a statement it believed the latest bid will generate superior value to both previous offers and intends to recommend Goldman and CPPIB's bid to shareholders once documentation for the sale has been formalised.

Goldman Sachs and CPPIB's offer, which the board has agreed key terms on, would see the consortium pay £748m for 100% of SVG's holdings and the winding down of the management company. The price represents a 6.8% discount to SVG's NAV at 31 July 2016, compared to a 7.8% discount for the Pantheon/Pomona bid and between 10.6% and 16.5% for HarbourVest's unsolicited takeover offer.

SVG expects the deal will see £1.064bn returned to its shareholders upon completion, over three tender offers at 680 pence per share and a final capital distribution in Q2 2017. The tender series would consist of a £450m tender before the end of 2016, £300m in January or February 2017 and a £270m tender in March. Following the completion of these, the SVG management company would be wound down.

Goldman and CPPIB's bid materialised from talks between the parties revealed by SVG in a rejection of HarbourVest's bid last week.

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• Topics
• LPs
• Restructuring
• Performance
• SVG Capital
• Pantheon
• Pantheon Ventures
• Goldman Sachs