BlackRock private equity fund eyes £350m Aquila Heywood deal

A private equity fund managed by the world’s biggest institutional investor is close to finalising the takeover of Aquila Heywood, a pensions software provider, in a deal that will trigger windfalls for its bosses.

Sky News has learnt that BlackRock’s Long Term Private Capital (LTPC) vehicle is in advanced talks to buy Aquila Heywood for a price that analysts said was likely to be in the region of £350m.

City sources said a deal could be announced as soon as next week.

If completed, it would be the third acquisition made by the LPTC fund, which closed an initial public offering last month after raising nearly $3.5bn.

In total, BlackRock now manages assets worth a staggering $8.67trn, making it easily the world’s largest fund manager.

The other businesses bought by its long-term private equity fund include Creed, a family-owned perfume manufacturer, which it acquired a year ago.

It has also backed Authentic Brands Group, which was one of the unsuccessful bidders in the recent auction of TopShop, the British fashion chain.

Aquila Heywood was formed from the merger of two separate companies in 2002, with the Aquila part of the group subsequently being sold to Equiniti, a FTSE-250 company that has itself attracted takeover interest in recent weeks.

BlackRock declined to comment, while Aquila Heywood could not be reached for comment.

The pensions software business is being advised by bankers at Rothschild.

Source: Sky News