LATEST INSIGHT

Waterfall buys Alternative Credit Investments for $827m

waterf

U.S. asset manager Waterfall has agreed to buy UK firm Alternative Credit Investments $827 million in cash, the companies announced.

The acquisition price of 870 pence per share represents a premium of around 5.1% to the closing price of 828 pence per share of Alternative Credit Investments, formerly Pollen Street Secured Lending, on Feb 24.

ACI’s board recommended the offer in February, at the same time as ditching its investment management agreement with private equity firm Pollen Street Capital.

Waterfall became ACI’s investment manager last month.

The acquisition is being made by Waterfall EIT UK Ltd, a newly formed company owned by Waterfall Asset Management. The deal already has the support of 41% of ACI shareholders, the companies said.

myfisense

myfisense


Leave a Reply

Your email address will not be published. Required fields are marked *

FI Sense

FREE
VIEW