Hellman & Fiedman is set to pick up Gartmore Investment Management in a deal that could be worth as much as a reported 500 Million, making the transaction, what some reports claim, the largest management buyout by assets since 1993.
The deal, which awaits regulatory approval, would add Gartmore’s estimated 3.4 billion in hedge fund assets to the 4.5 billion San Francisco-based Hellman & Friedman currently manages. The deal is expected to be finalized in July.
Nationwide Mutual Life Insurance put Gartmore up for sale last year as part of the company’s European pullout, which Nationwide executives say will allow the company to focus more on US markets.
Once completed, Hellman & Friedman will gain control of Gartmore’s UK, European, Japanese and Latin American businesses, however, Nationwide will retain Gartmore Global Investments, Inc, the US portion of the Gartmore Group.
Though an official acknowledgement of the deal was expected Tuesday, reports anticipate a full announcement later this week.