LONDON | Royal Bank of Scotland Group PLC has sold its remaining 19.99% interest in the WorldPay global payments business to its current owners, Advent International and Bain Capital, for an undisclosed sum.
160 million pound
However, the 81% government-owned bank did say it would book a 160 million pound ($257.79 million) gain from the sale in its 2013 earnings. Recent press reports have priced the stake sale at around GBP 250 million. The deal is subject to regulatory approval, expected by the end of this year, RBS added.
Global Merchant Services
In December 2010 RBS sold 80.01% of its Global Merchant Services unit, as it was then known, to Advent International and Bain Capital for an enterprise value of GBP 2.03 billion and said it would retain a 19.99% stake.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 280 buyout transactions in 36 countries and today has €24.3 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across Europe, North America, Latin America and Asia. The firm focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors, including technology, media and telecoms; business and financial services; healthcare; industrial; and retail, consumer and leisure. After 29 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth in its portfolio companies.
About Bain Capital
Bain Capital is one of the world's leading private investment firms with approximately $70 billion in assets under management. Founded in 1984, Bain Capital pioneered a consulting-based approach to private equity investing, partnering with management teams to build great businesses and improve their operations. Since inception, the firm has extended this approach across asset classes to build one of the strongest organically grown alternative asset platforms in the world.
Today Bain Capital's affiliated advisors make private equity, public equity, fixed income and credit, venture capital and absolute return investments across multiple sectors, industries and sector classes. The people-intensive, value-added approach instilled at the firm's founding remains at the core of Bain Capital's competitive advantage, which has enabled the firm to deliver industry-leading returns to a diverse group of investors including pensions, endowments, foundations and individuals.