Billionaire George Soros is set for a bumper £36million payday when data company Blancco Technology exits the London stock market.
The tech firm has accepted a takeover approach by US investment company Francisco Partners, in a deal worth £175million.
This means a windfall for Soros Fund Management, which is Blancco's largest shareholder with a 21 per cent stake.
The asset manager was founded by the Hungarian-American in 1970 and he is chairman of the family office.
Blancco's management has backed the takeover after Francisco Partners offered a 24.6 per cent premium compared to Tuesday's closing price - tabling a deal worth 223p per share.
Tech deal: George Soros (pictured) is set to cash in after Blancco Technology accepted a takeover approach by US investment company Francisco Partners, in a deal worth £175m
Investors holding a total of 45.5 per cent of the firm have also thrown their weight behind the takeover.
The deal is another blow for the London stock market which has been raided by private equity and hedge funds since the pandemic.
The 92-year-old billionaire is best known as ‘the man who broke the Bank of England' after his instrumental role in the currency crisis in September 1992, known as Black Wednesday.
He and his Quantum Fund made a $1billion profit after making massive bets against the British pound.
George Soros' fund was also part of a consortium that swooped on bankrupt media company Vice this month, alongside private equity group Fortress Investment Group.
Matt Jones, chief executive officer of Blancco, said yesterday: ‘We are pleased to partner with Francisco Partners, who are committed to continuing to build upon Blancco's strong foundation and achieve its full potential.'
RELATED ARTICLES
Previous
1
Next
Will Bank of England opt for another 0.5% rate hike in bold... Politics dampens optimism: US downgrade reflects the failure... US credit rating downgrade sparks market mayhem: Shock... BAE hikes forecast for the year as war in Ukraine continues...
Share this article
Share
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
DIY INVESTING PLATFORMS
Easy investing
Stocks & shares Isa
£1.50 fund dealing
0.25% fee on fund holdings
Investment ideas
Free fund dealing
Free fund dealing
0.45% account fee capped for shares
Flat-fee investing
No fees
From £4.99 a month
Trade shares and funds for £3.99
Social investing
Social investing
Share investing
30+ million global community
No account fee
Investment account
Free share dealing
Free fractional share*
Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. *T&Cs apply.
www.veriagi.com Compare the best investing platform for you
Feel free to surf to my web page ... cloudstackos.nyc3.digitaloceanspaces.com
Also visit my broad keywords to search for target sites blog post - cloudstacks.sos-ch-dk-2.exo.io
Çevrimdışı