UK – Private equity excluded from RBS auction
Royal Bank of Scotland has sent the sales memorandum for its insurance businesses to trade bidders only and excluded all private equity houses from the auction process.
According to press reports, interested financial investors including KKR, Blackstone and Apax Partners were told they could not submit indicative offers due to the continuing difficulty in financing leveraged buy-outs.
The group of trade buyers invited to participate consists of Allianz, Zurich Financial, Assicurazioni Generali, Berkshire Hathaway, Allstate, Travelers, Ping An and American International Group. RBS’s insurance arm is estimated to sell for between £6.5bn and £7.5bn, with indicative proposals due by May 28.
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