(Sharecast News) - Abrdn said on Monday that it has agreed to sell its European-headquartered private equity business to Nasdaq-listed Patria Investments for up to £100m.
The sale follows a strategic review of Abrdn's alternatives business, in which it concluded that proceeds from the sale of some of its private equity businesses would be better used within the core investment businesses.
The sale of the business, which has £7.5bn in assets under management, is expected to complete in the first half of next year.
Chief executive Stephen Bird said: "The sale of our European-headquartered private equity business to Patria Investments closely follows the completion of the sale of our US-headquartered private equity business to High Vista Strategies.
"This latest sale marks further progress in the reshaping of our Investments business in line with previous guidance. We are continuing to reduce complexity and are focusing on areas where we are confident we can drive growth in the future."
Abrdn (ABDN)
