The private equity firm which helped the billionaire Issa brothers acquire Asda has completed its £563m acquisition of a Manchester-headquartered credit management services provider.
TDR Capital, through its venture Sherwood Acquisitions, is now the owner of Arrow Global after the scheme of arrangement became effective.
The move comes after the acquisition was first agreed at the end of March.
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Arrow Global, which had been listed on the London Stock Exchange, will be delisted on Tuesday, October 12.
The company has also confirmed that non-executive chairman Jonathan Bloomer, no-executive directors Lan Tu and Maria Luís Albuquerque and Paola Bergamaschi Broyd have tendered their resignations and have stepped down from the board.
Andrew Fisher will be retained as an independent non-executive director on the boards of one or more entities within the Arrow group.
On February 22, TDR Capital made a revised proposal of 307.5 pence per share in cash, and revealed in March, which was then accepted.
The acquisition values Arrow’s ordinary share capital at approximately £563m.
Source: Today UK News
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