GlobeOp Financial Services up for sale
GlobeOp Financial Services has confirmed it is looking for buyers.
GlobeOp Financial Services is seeking assistance from merger and acquisition advisors and looking into offers from potential buyers.
The company responded to media speculation by confirming the board is considering the possibility of the putting the firm up for sale.
However, it was emphasised that the business is not failing and is expected to continue seeing strong growth.
"Nevertheless, the board felt it right to explore options which could enhance the interests of clients, employees and shareholders," chairman Ed Nicoll explained.
The company is currently looking at possible bids from TPG Capital and Advent International Corporation, but it was stressed discussions with such firms are at an early stage.
It was also stated that GlobeOP's board believes the enterprise's share price "significantly undervalues its future prospects".
The business, which is based in New York and London, currently has $173 billion (£111.6 billion) in assets under administration.
According to Reuters, the firm fell 0.3 per cent on the London Stock Exchange yesterday (January 5th).
Posted by Ron Maverick
Source: GlobeOp press release, January 5th