HarbourVest Partners acquires 100% of the investment portfolio of SVG Capital plc for £806 Million

Debevoise & Plimpton LLP have advised HarbourVest Partners in its agreement to acquire of 100% of the investment portfolio of SVG Capital plc (“SVG Capital”) for an aggregate purchase price of £806.6 million.

Following the acquisition, the board of SVG Capital expects approximately £1,118 million to be returned to shareholders through a series of tender offers and the winding up of the company.

Completion of transfers of SVG Capital’s investment portfolio will occur subject to and conditional upon, among other things, receipt of shareholder approval of resolutions to approve the asset purchase transaction (to the extent required) and SVG Capital’s revised investment policy, and to grant authority to SVG Capital to purchase shares, thereby enabling SVG Capital to conduct its proposed tender offer series.

SVG Capital is a publicly listed company and is an investment company as defined under Section 833 of the Companies Act 2006. SVG Capital’s shares have a premium listing on the official list of the UK Listing Authority and are traded on the London Stock Exchange.

HarbourVest is an independent, global private markets investment specialist, with more than 30 years of experience and over $42 billion in assets under management, and is an experienced long-term owner of private equity fund assets.

Debevoise previously advised HarbourVest in its £1,015 million offer for the entire issued and to be issued ordinary share capital of SVG Capital in September.

The Debevoise team advising HarbourVest was led by London partner Katherine Ashton (Picture), and included New York partners David J. Schwartz and Byungkwon Lim. The team also included London international counsel Vera Losonci, London associates Dominic Blaxill, Jacqueline Eaves, Laurence Hanesworth and Thomas Matthews, and New York associates Nicholas C. Cassin and Aaron J. Levy. Tax advice was provided by London partners Matthew D. Saronson and Richard Ward, and associate Ceinwen Rees.

Involved fees earner: Katherine Ashton – Debevoise & Plimpton; Vera Losonci – Debevoise & Plimpton; Dominic Blaxill – Debevoise & Plimpton; Jacqueline Eaves – Debevoise & Plimpton; Laurence Hanesworth – Debevoise & Plimpton; Thomas Matthews – Debevoise & Plimpton; David Schwartz – Debevoise & Plimpton; Nicholas Cassin – Debevoise & Plimpton; Aaron Levy – Debevoise & Plimpton; Byungkwon Lim – Debevoise & Plimpton; Matthew Saronson – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton; Ceinwen Rees – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: HarbourVest Partners, LLC;