SVG, in a statement on October 4, said it had agreed “in principle” to sell 50% of the investment portfolio to Pomona and Pantheon for £379 million.
SVG said that its assets were valued at £401 million as of July 31, 2016.
News of the interest from Pomona and Pantheon followed a statement from HarbourVest Partners the same day, in which it again urged SVG shareholders to accept its bid.
SVG has been locked in talks with its advisers and rival suitors as it looks to find an alternative to HarbourVest’s £1 billion hostile takeover bid tabled on September 12.
On October 3, SVG confirmed it was in discussions with parties including the Goldman Sachs/CPPIB consortium, saying the talks were over a “possible alternative transaction” to the HarbourVest offer, involving the sale of its investment portfolio. SVG also said that consortium had not ruled out making a competing offer for SVG as a whole.
Pantheon declined to comment, while Pomona was not available for comment at the time of publication.
SVG says that HarbourVest’s 650p a share offer significantly undervalues the company. On September 29 it advised its shareholders to reject HarbourVest’s approach, saying it was in talks with other parties.
SVG shareholders have until October 6 to decide whether they will accept HarbourVest’s offer.
SVG’s largest shareholder Coller Capital has irrevocably backed HarbourVest’s bid.
Update: The article has been updated with further information from SVG regarding the sale process.