Abrdn agrees £100m European business sale
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Stephen Bird
Abrdn has reached an agreement to divest its European private equity division in a deal valued at approximately £100 million.
The acquiring party is Patria Investments, a firm with a presence on the Nasdaq stock exchange. The transaction involves private equity assets under management (AUM) totalling around £7.5 billion.
The sale emerges as part of a broader strategy following Abrdn’s recent offloading of its American private equity sector to High Vista Strategies.
The decision stems from an internal review of the company’s Alternatives business, concluding that capital from these sales could be more effectively allocated within its principal investment operations. This strategic shift was recently evidenced by Abrdn’s procurement of Tekla Capital Management, a dedicated healthcare investment advisor, earlier in July.
Stephen Bird, abrdn CEO, commented: “The sale of our European-headquartered Private Equity business to Patria Investments closely follows the completion of the sale of our US-headquartered Private Equity business to High Vista Strategies.
“This latest sale marks further progress in the reshaping of our Investments business in line with previous guidance.
“We are continuing to reduce complexity and are focusing on areas where we are confident we can drive growth in the future.”
The completion of the sale is anticipated in the first half of 2024, marking a pivotal step in Abrdn’s commitment to refining its business focus and enhancing financial performance.
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