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UK – TPG to acquire 23% of Bradford & Bingley

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According to reports, TPG Capital is set to acquire a 23% stake in buy-to-let lender Bradford & Bingley for ТЃ179m. Other investors will be putting in ТЃ258m, while fees for the rights issue are thought to be around ТЃ37m. Bradford and Bingley will therefore raise ТЃ400m of new equity capital after expenses, rather than the ТЃ300m its May rights issue had planned.

TPG is to purchase 324.9 million shares, at 55 pence per share, in two tranches to give it the 23% interest. The second tranche, of 294 million shares, will be subject to shareholder approval. The deal would see TPG appoint two non-executive directors to the board and agree to a 12 month lock-up and standstill arrangement.

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