- Abrdn to sell European private equity business to Patria Investments for up to GBP100 million
- Sale expected to close in the second half of 2024
- Patria Investments to pay GBP60 million in cash upfront
- Additional payments of GBP20 million plus interest and GBP20 million in cash based on business performance
- Abrdn’s European private equity business had GBP7.5 billion in assets under management
Abrdn has agreed to sell its European private equity business to Patria Investments for up to GBP100 million. The sale, expected to close in the second half of 2024, follows a strategic review by Abrdn into its Alternatives business. The company concluded that it could better utilize funds by selling some of its private equity businesses within its core investment businesses. Nasdaq-listed Patria will pay GBP60 million in cash upfront for the business, with additional payments of GBP20 million plus interest within the first two years and GBP20 million in cash based on the business’s performance within three years of the deal’s completion. As of September 30, Abrdn’s European private equity business had approximately GBP7.5 billion in assets under management.
