On September 5, 2024, Petershill Partners announced that it sold its 18 percent stake in LMR Partners.
Petershill Partners (“Petershill”) announced, on September 5, 2024, that it had sold its entire stake in LMR Partners (“LMR”) back to LMR. The total nominal consideration of up to $258 million consists of $107 million upfront payment in cash paid at close, $111 million deferred consideration and an earn-out payment of up to $40 million in cash. The accounting fair value of the sale consideration at closing is expected to be marginally above the carrying value of the investment in LMR Partners as at December 31, 2023 which was $195 million. Further terms of the transaction were not disclosed.
Petershill (LON: PHLL), based in London, is an investment management vehicle of Goldman Sachs (NYSE: GS) that provides capital to alternative asset managers through minority stake acquisitions. As of December 2023, Petershill had $304 billion in assets under management. BofA Securities acted as sole financial adviser and corporate broker to Petershill Partners.
LMR, based in London, is a global multi-strategy and absolute return investment firm predominately focusing on market neutral and relative value strategies. As of September 2024, LMR had $11 billion in assets under management.
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