TPG Capital has agreed to buy GlobeOp for £508 million, shortly after the hedge fund administrator announced a review of its strategic options.
TPG is one of the most active private equity investors in financial technology companies and has acquired financial technology firms such as Fidelity National Information Services, Lender Processing Services and Vertafore. The deal is subject to regulatory approvals.
Ed Nicoll, chairman of GlobeOp, said, “We welcome TPG’s offer, which is the result of an extensive and competitive process over the last few months. We commenced the strategic review to ascertain whether there was an opportunity to create value for shareholders and we believe that this offer achieves that aim.”
