Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Britain's Brunswick Group to sell nearly 11% stake to U.S. fund - memo

06/23/2021 | 04:50pm EDT

(Reuters) - Public relations company Brunswick Group has agreed to sell a 10.7% stake to BDT Capital Partners, a U.S. fund run by Warren Buffett's banker Byron Trott, according to a memo seen by Reuters.

The deal valued the British firm at 500 million pounds ($697.85 million), a person familiar with the matter.

Chicago-based BDT will get a non-executive director seat on Brunswick's board as part of the deal and Brunswick plans to set aside 18 million pounds for a cash distribution to members of the company, the memo said.

Brunswick will also distribute 140 million pounds to partners in the company, the memo said, adding that the founders are selling some of their shares to BDT.

It is also changing its corporate structure from a limited liability partnership to a private company, the memo said.

The Financial Times first reported the news.

($1 = 0.7165 pounds)

(Reporting by Shariq Khan in Bengaluru; Editing by Arun Koyyur)


© Reuters 2021
Latest news "Economy & Forex"
05:43pExclusive-Historic low river levels force Argentine grains ships to cut cargoes by 25%, ports chamber says
RE
05:39pBuenos Aires province expects high take-up in $7 bln debt offer, source says
RE
05:34pThe WSJ Dollar Index Rises 0.26% to 87.56 -- Data Talk
DJ
05:34pEuro Lost 0.29% to $1.1772 -- Data Talk
DJ
05:34pSterling Lost 0.15% to $1.3748 -- Data Talk
DJ
05:34pDollar Gains 0.43% to 110.55 Yen -- Data Talk
DJ
05:33pWEEK AHEAD : Fed meets, tech profits, Robinhood IPO
RE
05:21pUtilities Up On Broad Stock Market Rally -- Utilities Roundup
DJ
05:19pBank of America relaxes COVID-19 health checks for some staff - Business Insider
RE
05:18pCommunications Services Up After Snap, Twitter Earnings -- Communications Services Roundup
DJ
Latest news "Economy & Forex"