Advent International will invest about £200 million in insurance intermediary, Towergate Partnership, Money Marketing reports. The investment is conditional on Towergate raising new debt facilities through the bank and bond markets.
The investment and the debt capital raising are expected to be in mid-February. The objective of the transaction is to reduce Towergate’s total borrowings and establish a long-term capital structure on more favorable terms. It will also give additional resources to fund further acquisition.
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