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U.S. buyout firm to buy CPA Global for 2.4 billion pounds - source

Published 29/08/2017, 01:24
© Reuters.  U.S. buyout firm to buy CPA Global for 2.4 billion pounds - source
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By Parikshit Mishra

(Reuters) - U.S. buyout firm Leonard Green & Partner has agreed to buy intellectual property services provider CPA Global for 2.4 billion pounds ($3.10 billion) including debt, a source familiar with the matter said on Tuesday.

An announcement on the transaction is expected on Tuesday, the source also added.

The Financial Times earlier reported on the deal. (http://on.ft.com/2wEGtO4)

Reuters reported in July that CPA's owner Cinven had decided to sell the business, hiring Goldman Sachs (NYSE:GS) and JP Morgan as advisers and the business could fetch up to 2 billion pounds.

Cinven acquired CPA Global in 2012 from Intermediate Capital Group (LON:ICP) and the founder shareholders for around 950 million pounds, backed with 555 million pounds of debt financing.

Cinven declined to comment on the deal while Leonard Green & Partner and CPA Global and were not immediately available for comment outside regular business hours.

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