Kensington to receive joint bid from TPG and Blackstone; Lonestar also bidding
TPG and Blackstone Group will submit a joint bid for the UK-based mortgage lender Kensington, according to a Sky News report. It is understood that the two private equity firms will submit a joint offer before a bid deadline later this month, the item said, without citing a source for the claim.
The California-based property investment group Lonestar, is also said to be bidding for Kensington, the article added. At least two other bidders are also said to be interested, the item said.
Investec, a listed Anglo-South African financial services company, owns Kensington. Investec paid GBP 283m (EUR 283m) for Kensington in 2007, the item noted.
Other reports have said the banks Goldman Sachs, Metro Bank and Virgin Money are among the bidders for Kensington, the report continued. However, it is understood that at least a couple of those companies are now out of the bidding, the item added.
Fenchurch Advisory is handling the Kensington auction, the article noted.
TPG and Blackstone refused to comment on Wednesday, 21 May, the report said.
Source Sky News