KB

Tim Collins deal I sent you in September. He still seems to be looking for the €270m co-investment he asked me for.

14 Oct 2011
Source: AltAssets

Brussels-based private equity firm RHJ has entered talks with US buy-out house General Atlantic about reviving its offer for BHF, the asset management and investment banking unit of financial services giant Deutsche Bank.

According to Financial Times Deutschland, RHJ, which is also considering an offer from Russia's Pamplona, is keen to get the deal done before its rights to exclusive talks with the bank expire in November.

The deal was scheduled to go ahead earlier this month but was delayed due to a ruling from German market regulator BaFin, which decided that RHJ couldn't fund the deal, even with the help of co-investors.

Established 150 years ago, BHF employs around 1,500 employees and has about €40bn of assets under management.

Last year global private equity firm Apollo Management bid for the unit, as did Lichtenstein's LGT Bank, which made an offer of over €300m after reportedly considering and deciding against a joint bid with Apollo.

At the time BHF Bank's book value was around €600m, but it was unclear whether Deutsche Bank would be able to find a buyer at that price, given market conditions. Both offers fell through.

There were also doubts circulating about the enthusiasm of BHF's management team for a buy-out investor takeover, as opposed to a sale to a long-term strategic investor.