Lloyds Banking (LYG) Sells Private Equity Investments
Lloyds Banking Group (NYSE: LYG) announced on Monday that it is selling 40 private equity investments that are currently held by its Bank of Scotland Integrated Finance business unit to a joint venture called Cavendish Square Partners.
Coller Capital, which owns about 70% of the joint venture, is paying 332 million pounds (about $502 million) for its stake, with the remaining 30% to be held by Lloyds Banking Group (LYG).
The deal, which values the investments at 480 million pounds, is part of the bank's ongoing strategy to sell non-core assets.
Lloyds Banking Group said that the sale would not have a meaningful impact on the bank's financial results.
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