LDI move pre-empts private equity bid

A move by UK telecommunications company, Telent, to derisk its pension fund by conducting a major liability-driven investment (LDI) transaction helped pave the way for a bid by private equity group Fortress for the remains of the former electronics giant Marconi.

According to Chris Holden, chairman of the trustees for the Marconi pension fund, which is controlled by Telent, said although the Morgan Stanley-led transaction was not directly part of the potential deal it, "Assuaged one of Fortress's

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