UK wealth platform True Potential is reportedly about to be sold to London-headquartered private equity business Cinven.
According to a Sky News report on 7 September 2021, the PE firm was on the verge of signing a deal to take a controlling stake in the Newcastle-based platform.
This comes following months of reported talks on the potential takeover.
Estimates valued True Potential’s business between £1.6bn to £2bn ($2.7bn, €2.3bn), but according to British newspaper Evening Standard the deal is likely to be around £2.5bn.
The move follows reports that True Potential was considering a $2bn (£1.4bn, €1.7bn) special purpose acquisition company (Spac) float on Wall Street in June 2021.
International Adviser reached out to both firms. Cinven declined to comment, while True Potential did not reply in time for publication.