M&A - Pearl sold to Liberty for £1.3bn


Just months after completing the drawn-out acquisition of fellow closed-fund specialist Resolution, Pearl Group has been bought by Liberty Acquisition Holdings in Amsterdam in a cut-price deal that valued the UK firm at less than half of its embedded value.

The reverse takeover by Liberty will see the self-styled "blank cheque" company put a £510 millon capital injection into Pearl in return for a 60% stake in the company, a steep discount to the UK firm's net embedded value of £2.7 billion. This

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