SVG Capital to earn from reduction of stake in Galaxy
Private equity investor SVG Capital is set to benefit after Permira, in which it has both direct and indirect holdings, agreed to sell 53 per cent of its remaining holding in Galaxy Entertainment Group, a Hong Kong-listed casino and hotel operator, at HKD21 per share.
Private equity investor SVG Capital is set to benefit after Permira, in which it has both direct and indirect holdings, agreed to sell 53 per cent of its remaining holding in Galaxy Entertainment Group, a Hong Kong-listed casino and hotel operator, at HKD21 per share.
As a result of the sale, SVG will receive net cash proceeds of £70m, leaving its remaining holding valued at £86m.
The actual value of the partial realisation for SVG is £92m, which, together with the value of the remaining holding in Galaxy represents a £17m (6p per share) uplift to the June 2012 valuation of Galaxy of £161m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Following the sale, Permira now holds 6.0% of Galaxy's issued share capital.
SVG's share price rose 3.83% to 281.80p by 13:43.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published