Lloyds sells private equity unit
British firm offloads division to buyout company
Lloyds Banking Group has negotiated the sale of its private
equity unit to buyout firm Coller Capital £332 million.
The UK bank will transfer 40 private equity investments to a joint
venture with Coller, with Lloyds owning 30 per cent of the newly
Investments include stakes in Vue Cinema and TM Lewin, while the
sale values the whole portfolio at £480 million.
The deal is the latest move by 41 per cent tax-payer owned Lloyds
to offload non-core assets following an order by the European
Commission to sell off assets amid concerns over competition.
"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
£750 million," Lloyds said in a statement.
Last week, Royal Bank of Scotland sold its Indian unit to HSBC as
it also looks to sell assets.