(Bloomberg) — Warburg Pincus agreed to acquire a minority stake in United Trust Bank in a deal that values the UK specialty lender at about £520 million ($663 million).
Most Read from Bloomberg
The private equity firm and the majority shareholders of United Trust Bank reached a deal, which is subject to regulatory approvals, according to a statement on Thursday that confirmed an earlier Bloomberg News report. While the statement didn’t disclose other details, people familiar with the matter have said Warburg would acquire a 20% stake in the lender.
United Trust Bank has about 60,000 deposit customers and almost £4 billion in assets, with divisions in areas such as development, structured and asset finance, as well as mortgages.
Funds advised by New York-based Warburg began investing in Europe in 1983 and have put more than $15 billion in over 125 companies in the region, according to a statement by the firm.
Warburg added London Specialist Risk Group Ltd. to its portfolio in May, acquiring the independent insurance intermediary along with Singapore’s Temasek Holdings Pte.
Bloomberg News reported in October that Warburg was weighing a buyout of German IT services company Nagarro SE. Also that month, Warburg appointed two senior advisers to its European business and global health-care group.
More recently, Warburg and Apax Partners have been exploring an initial public offering of Odido Group Holding BV, the Dutch telecommunications business they acquired from Deutsche Telekom AG in 2021.
–With assistance from Ryan Gould, Gillian Tan and Matthew Monks.
(Updates throughout with confirmation)
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.