In QuotedData’s morning briefing 25 August 2020:
- Princess Private Equity says that its manager, Partners Group, has agreed the sale of its majority equity stake in PCI Pharma Services to private equity firm Kohlberg & Company and Abu Dhabi-based sovereign investor Mubadala Investment Company. Princess, alongside other Partners Group-managed funds, will retain a meaningful minority equity stake. The transaction values Princess’ stake in PCI at approximately $50.8m. This compares to a carrying value of $41.3m (€36.8m) at 30 June 2020.
- CATCo Reinsurance is handing back $37.9m to shareholders via a compulsory redemption of shares. 26,335,590 ordinary shares and 60,151,839 C shares (10.32% of ordinary shares and 17.71% of C shares) will be redeemed at $0.2658 and $0.5137 per share, respectively. Investors should get their money on 8 September (unless their shares are held as certificates, in which case it will be 14 September). The company has warned that uncertainties surrounding the collapse of Californian utility company, PG&E, following the 2017/18 wildfires in California, may delay future cash returns.