Bridgepoint will buy Energy Capital Partners for an initial $1.05bn

Asset fund manager Bridgepoint will buy Energy Capital Partners for an initial 835m pounds ($1.05 bn) including debt, it said on Wednesday, boosting its presence in mid-market asset investing.

Energy Capital Partners invests across energy transition, electrification and de-carbonization infrastructure, including power generation, renewables and storage.

The transaction “fits precisely with the strategy that the company set out at the time of its IPO and will give Bridgepoint depth and scale across three key alternative investment verticals,” Senior Independent Director Archie Norman said.

Bridgepoint mainly invests in private equity and private debt, and manages more than 38 billion euros ($40.76 billion) in assets across Europe, the U.S., and China.

The deal consideration includes 233m pounds in cash, shares and awards in the combined company worth 423m pounds, and Energy Capital’s existing debt of 179m pounds, Bridgepoint said.

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The deal is expected to be accretive to Bridgepoint’s profit from the day of closing, it added.

The consideration includes a potential for further awards of over 30m shares to Energy Capital’s hires or promotions, and about 55 million shares in 2027 subject to the firm’s performance.

Bridgepoint said it would split the chair and CEO roles held by William Jackson, with Jackson remaining chairman while current Group Managing Partner Raoul Hughes will be named CEO.

The company added that it would repurchase shares worth a further 50m pounds once its existing buy-back programme ends.

Source: Yahoo News

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