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Lloyds agrees private equity unit sale

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by Kay Mitchell
”Lloyds

Lloyds Banking Group, which is 41% owned by the taxpayer, has announced it has agreed to sell its private equity unit to buyout firm Coller Capital in a deal worth £332 million.

The deal will see 40 private equity investments transferred to a newly-established partnership – 70% and 30% owned by Coller and Lloyds respectively.

The investments include stakes in Vue Cinemas and shirt-maker TM Lewin.

Lloyds, along with the Royal Bank of Scotland, have been selling assets following orders from the European Commission as a punishment of the billions of pounds in state aid that both banks received from the Government.

Commenting on today‘s announcement, Lloyds said: “This transaction is in line with the group’s strategy of divesting assets which are not core to its strategy and over the last 12 months the group has now sold six businesses, raising over £750m.”

The private equity investments were purchased by HBOS before the lender was acquired by Lloyds at the height of the financial crisis in autumn 2008.

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News posted: July 5, 2010

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