Greensill Capital has confirmed it is in exclusive talks with a major global financial institution to sell large parts of its business and its assets under management, with a view to concluding a deal this week.
- Athene Holding, which is backed by Apollo Global Management, is nearing an agreement to buy the struggling lender's operating business, Bloomberg reported. The deal was earlier said to have a price tag of around $100 million.
- News of the negotiations came shortly after Switzerland's GAM Holding became the second asset manager to freeze investment funds connected to Greensill, which provides supply chain financing. The first was Credit Suisse, which The Wall Street Journal reported Monday had suspended $10 billion in financing.
- Greensill raised $800 million from SoftBank's Vision Fund in 2019 at a $3.5 billion valuation. SoftBank substantially wrote down its $1.5 billion stake in the company at the end of last year and was considering dropping the valuation to near zero, according to the Bloomberg report.