{"id":129910,"date":"2021-06-23T21:40:58","date_gmt":"2021-06-23T21:40:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129910"},"modified":"2021-06-23T21:40:58","modified_gmt":"2021-06-23T21:40:58","slug":"britains-brunswick-group-to-sell-nearly-11-stake-to-u-s-fund-memo","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/britains-brunswick-group-to-sell-nearly-11-stake-to-u-s-fund-memo\/","title":{"rendered":"Britain's Brunswick Group to sell nearly 11% stake to U.S. fund – memo"},"content":{"rendered":"
(Reuters) – Public relations company Brunswick Group has agreed to sell a 10.7% stake to BDT Capital Partners, a U.S. fund run by Warren Buffett\u2019s banker Byron Trott, according to a memo seen by Reuters.<\/p>\n
The deal valued the British firm at 500 million pounds ($697.85 million), a person familiar with the matter.<\/p>\n
Chicago-based BDT will get a non-executive director seat on Brunswick\u2019s board as part of the deal and Brunswick plans to set aside 18 million pounds for a cash distribution to members of the company, the memo said.<\/p>\n
Brunswick will also distribute 140 million pounds to partners in the company, the memo said, adding that the founders are selling some of their shares to BDT.<\/p>\n
It is also changing its corporate structure from a limited liability partnership to a private company, the memo said.<\/p>\n
The Financial Times first reported the news.<\/p>\n
($1 = 0.7165 pounds)<\/p>\n