A London-listed asset manager has gatecrashed the £900m bidding war for Argus Media, one of the world’s largest providers of data about oil and other commodities.
Sky News has learnt that ICG (LSE: 138026.L – news) – also known as Intermediate Capital Group – has tabled an offer to buy a sizeable stake in Argus, which is one of the UK’s biggest privately owned companies. ICG, which provides private debt, credit and equity across a range of industries, is an unexpected interloper into what has become one of the City’s most hotly contested auctions so far this year.
Argus is currently owned by its founders, the Nasmyth family, its executive chairman Adrian Binks, and its management team. Some of the existing shareholders want to sell part or all of their stakes while others are keen to remain on board and see the company use new financial firepower to make a string of acquisitions.
The other bidders for Argus are a joint proposal from Charterhouse, a private equity firm, and the Canada Pension Plan; Hellman & Friedman, another buyout firm; and either General Atlantic or Permira.
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