Deals
Permira Said to Be Leading Bidder for U.K. Asset Manager Towry
- Buyout firm would combine Towry with its Tilney Bestinvest
- Sale may value company at as much as 600 million pounds
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Permira Advisers, the private-equity owner of Tilney Bestinvest wealth management business, is the leading bidder for U.K. financial asset manager Towry Holdings Ltd., people familiar with the matter said.
The London-based investor has emerged as the strongest contender among the buyout firms and a sale may value Towry at as much as 600 million pounds ($863 million), said the people, who asked not to be named because the deliberations are private. Permira plans to merge Towry with its Tilney Bestinvest unit if it completes the deal, they said.